Personal Disability Insurance
Disability insurance protects you from income interruption due to accident or medical emergency. No one expects to be taken out of commission — even briefly. But a good disability policy provides protection just in case.
Statistics show that you are far more likely to experience a disability than you might think. A short-term disability lasting just a few weeks can derail your finances. A long-term disability can be financially catastrophic without proper coverage in place.
Protect it before you need to — disability can happen to anyone, at any time.
What is Disability Insurance?
Disability insurance replaces a portion of your income (typically 50–70%) if you become unable to work due to illness or injury. It’s one of the most overlooked — and most important — types of personal insurance coverage available.
While you’re working — Employer-provided disability benefits vary widely and may not cover all your needs. An individual policy ensures you maintain the coverage levels you require regardless of employment changes.
If you’re a business owner — Business Overhead Expense (BOE) coverage and key person insurance can keep your business running even if you’re unable to work. Disability can threaten not just your personal income, but your entire business operation.
Understanding Your Options
Elimination Period — The period between the onset of disability and when benefits begin. Longer elimination periods typically result in lower premiums.
Short-Term Disability — Typically covers disabilities for a period of up to two years. Benefits usually begin after a short waiting period.
Long-Term Disability — Provides income replacement for extended periods, potentially to age 65. Essential for protecting against serious illness or injury.
Private vs. Government Plans — Government programs like Social Security Disability Insurance (SSDI) exist, but qualification is difficult and benefits may not be sufficient. Private policies provide more dependable, customizable coverage.
Disability Insurance — Coverage Types Can Include:
Individual policies
Group policies
Key person insurance
Business overhead expense
Short-term benefits
Long-term benefits
Elimination period options
Partial disability benefits
Both private and government disability programs are complex. Let McDole Edge Insurance help you evaluate your options and find the right level of protection for your life and income.