Disability Insurance

Disability Insurance Policies

Chicago Insurance Advisors


Learn about Disability Insurance

Disability insurance provides financial support for people who are out of work because of an injury or disability. It enables a person to recover from an injury or disability without worrying about returning to work. A person who is eligible for disability will receive between 45-65% of their gross income tax-free.

Who Needs Disability?

Disability plans cover anyone who can't afford the loss of income that occurs from being out of work for an extended time. Many employers have basic disability plans, but they might not be sufficient to provide adequate long term protection. Check your employer-sponsored disability plan. You might discover it is not adequate to take care of your needs following an injury.

Disability is also important for self-employed individuals or individuals who own their own companies. In these situations, a disability can ruin a business. It’s important to make sure you're covered.

When you need disability, realize there’s a waiting period before you receive benefits. You should also know the maximum amount of time that will be covered by the plan. There is short term disability for when you’ll miss work for a short period of time. Then long term disability is for more serious situations, such as when you will never be able to return to work.

 

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