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Disability Insurance & Income Replacement

Disability insurance typically provides disability income benefits that begin at the end of a specified waiting period and that continues when the insured person either returns to work, dies, or becomes eligible for pension benefits. Disability insurance exists to replace income in the event of total, or in some cases partial disability, due to accident or sickness.

The variations in policies come in the form of waiting (elimination) periods and length of coverage. The waiting period is the amount of time you must wait before benefits begin. Typical waiting periods include 30 days, 3 months, 6 months and 1 year. This is equivalent to a deductible. The length of coverage can vary from 2 years, 5 years, to age 65 or in some cases lifetime.

The best definition of disability for the purposes of disability insurance would include the inability to perform the duties of one's own occupation. Disability insurance protects against this loss of income in the event of this inability.

Age, occupation, waiting period, coverage amounts and coverage length all contribute to the determination of policy costs.

Contact your Global Advisor today for a quote or to arrange a review of your income replacement and insurance needs.

Pre-UnderWriting Checklist for Disability Insurance (PDF)44.61 KBapplication/pdf
Fact Finder for Quoting Disability Insurance (PDF)1.13 MBapplication/pdf