Insurance
Disability Insurance
Your income is your most important asset, and the best method of insuring
this asset is with an insurance policy. Individual disability insurance
is meant to replace one's income during a disability due to injury or
illness. Benefits would be paid on a monthly tax-free basis for as long
as you remain disabled. Generally, these policies try to replace approximately
85% of a person's normal "take-home-pay," thus leaving some
incentive to return to work. At the time of issue, the client decides
upon the following conditions:
- The monthly benefit payable
- At what point the benefit should become payable
- How long benefits should be paid for
Once issued, most individual disability insurance policies feature the following provisions:
- Prior to age 65, premiums can never be increased
- The plan runs to age 65
- The monthly benefit can never be reduced (even if your income at time of claim is lower than at time of issue)
Dehoney Financial Group works with you to design a plan which suits your needs.