Disability Income
What would happen if a sickness or an accident prevented you from working? Disability income insurance provides replacement income if you’re unable to work due to an illness or injury. Every day, people are required to face the unexpected, don’t get caught off guard. How long could you afford to live without a paycheck?
Disability Income for Individuals and the Self-Employed provides a monthly benefit to help replace a portion of your income if you become disabled due to sickness or accident. Individual disability income can benefit you in the following ways:
Protect your way of life in the form of “paycheck protection.” You choose how to use the monthly benefits – to cover your expenses, maintain your lifestyle or fund your savings.
Benefits can supplement any current group long-term disability (LTD) insurance program so you can protect more of your income. Most Group LTD programs cover only 60% of gross income before taxes.
When you pay the premiums for an individual disability policy, payments you receive under the policy are not subject to income tax.
You can structure a policy to include the features and benefits that fit your needs.
Help preserve your independence without burdening others.
Pay your mortgage or rent while you are recovering.
If you can’t work because of a sickness or an accident, your disability income coverage will. The time to consider protecting your income is now. Do not wait until it is too late. Sickness and accidents happen.
Disability Income for Small Businesses including Medical and Legal Practices provides monthly benefits to replace a portion of the business owner’s income should he/she become disabled due to sickness or accident. Disability income insurance can also provide a business owner, Overhead Expense Protection or can be used to fund a Disability Buy-Sell Agreement.
Business Overhead Expense Protection is designed to protect you as a business owner by providing reimbursement for your business overhead expenses. The benefits will allow your business to continue to operate while you focus on your recovery. The usual benefits include:
- Mortgage interest or lease payments
- Employee wages
- Utilities
- Business insurance premiums
Disability Buy-Sell Agreement provides the funds to effect an orderly transfer of ownership in the event of a business co-owner’s disability.
Disability income insurance products can provide the funds to protect your lifestyle and your business should you suffer an unexpected illness or injury. EBA can help.