Individual disability insurance is used to replace lost income if you are disabled or cannot work due to an injury or illness. At 3000 Insurance Group, we can tailor a disability insurance policy to fit your needs. Many studies say that 1 in 4 workers will have a long-term disability by the age of 65, so this coverage is crucial to protect your most important asset.
An individual disability insurance policy is a good way to cover income losses even if you have some employer-paid coverage. Typically, disability premiums paid by you are not taxed but employer-paid benefits are. There are 2 types of individual disability insurance policies – long-term and short-term.
Basic Types of Disability Insurance
- Individual disability income policy
- Social Security disability benefits
- Employer paid benefits