"There is a 1 in 4 risk of having at least one long term disability which lasts three months or longer before reaching age 65."

Disability insurance is the third leg of the stool when it comes personal insurance protection. Along with health and life insurance, disability coverage protects the wages that makes it possible to pay for the other two coverage's, by paying you a monthly income when you are unable to work due to an illness or injury. This kind of insurance is the only kind that protects your earnings potential, now and in the future.

We recommend individual disability insurance coverage that is also non-cancellable and guaranteed renewable. This means that your premiums will remain level for the life of the policy. You will pay the same premium at age 40 that you will pay at age 64. Premiums are based on age, sex, occupation, income level, and health history.

Guaranteed renewable, non-cancellable disability insurance is not inexpensive. However, it is essential for your financial planning in the event of being unable to work.

Beyond personal and group disability plans, several specialized disability contracts are available to the business-person. These policies cover expenses such as staff salaries, rent, telephone, utilities, malpractice and other business insurance and other expenses necessary to keep a business open and running. Policies available include:

• Business Overhead Expense: These policies cover expenses such as salaries, rent, and other expenses necessary to keep a business open and running
• Key Person Disability: Reimburses the business for the loss of a key employee and allows funding of temporary replacement or training of a successor.
• Disability Buyout: Provides income to fund a buy-sell agreement triggered by the total disability of a shareholder-executive. The probability of a permanent disability is not provided for in buy-sell agreements. Business owners can amend existing buy-sell agreements or have separate agreements to provide for this potential disaster.

We provide expert consultation to business owners, key personnel, and highly-compensated employees in today's competitive job market with a wide range of options and plans to cover every possibility. Request a disability proposal, or email me with your specific situation and questions.