Disability Insurance (DI)

An insurance product that provides supplementary income in the event of an illness or accident resulting in a disability that prevents the insured from working at their regular employment. Benefits are usually provided on a monthly basis so that the individual can maintain their standard of living and continue to pay their regular expenses.

Why should I consider disability insurance?

Most people consider their home or car the most valuable asset. The ability to make an income is the most valuable asset as it provides the money to pay for your mortgage, car, living expenses.. If you can’t work, you can’t provide income thus causing a whirlwind in any financial plan.  Whether you work as an employee, self employed or own a company, insuring your income is a very important decision.

Types of Individual Disability Protection

• Individual Disability
• Group Disability
• Retirement Disability

Types of Business Disability Protection

• Business Overhead Expense
• Disability Buy-Out
• Key-Person

The need for disability insurance could never be more important when analyzing a plan. If you suddenly could not work due to injury what would your family do? How would they continue to cover the day to day expenses? If you own a business and other people count on you to pay their salaries, keep the lights on, pay the rent or mortgage. Disability insurance can help provide confidence knowing you have protected one of your most valuable assets – Your Income.

Benefits of Individual Disability Insurance

• Continued income while unable to work
• Tax-free income (consult with tax advisor)
• Ensure day to day expenses can be met

Benefits of Business Disability Insurance

• Expenses related to business continued to be paid, including salaries for employees
• Provides a buy-out in the event of a long-term disability of partner

Whether you are considering personal coverage or for your business, a comprehensive review is needed. A review of current coverage is also important as things change and happen almost overnight. Innovative Financial Group can educate, prepare and organize to help ensure you have protected what is most important to you and the ones most important to you. Call today for a complementary conversation.