Disability Insurance is the industry name for a plan that provides for periodic payments of benefits when a disabled insured is unable to work.
The insurance product is designed to replace anywhere from 45% to 65% of your gross income on a tax-free basis should illness keep you from earning an income in your occupation. Individuals believe they may have disability coverage through their employer. This at times may be true, but the quality of coverage often leaves the disabled employee short of the protection he or she thought they had. Disability insurance can be used for personal protection as well as business protection.
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