Income is important for both current financial obligations (e.g. grocery bills and mortgage payments) and for future financial security (e.g. planning for your children’s education or for retirement). Just think what might happen if you suddenly lost your income stream through a long-term illness or disability.
Income Replacement ( Disability ) Insurance products help protect your ability to earn an income, which can be affected if you are afflicted by a disability or other condition.
Some advantages of disability insurance products are:
- Helping maintain your financial independence, lifestyle and long-term financial security plan in the event your income is impacted by disability
- Assist with paying fixed expenses for your business if you become disabled
- Support the buy-out of a disabled partner’s share of a business
- Some plans have the option to Refund some or all of your Premiums, even if you have a claim