Disability Income Insurance
Providing Disability Income Insurance for Individuals
A sudden interruption of income—due to an extended period of sickness or injury—can have serious financial consequences for many of today’s employees. If you are lucky, you may receive group long-term disability benefits through your employer. However, you will need to make sure the benefits available through your group long-term disability coverage are adequate for your needs. Group long-term disability benefits are taxable if your employer pays the premiums, may be capped at a relatively low amount, and may not cover variable income such as bonuses or commissions. As such, these benefits may not be enough to maintain your lifestyle or pay all your bills if you become too sick or injured to work.
Disability income insurance policies have exclusions and limitations.
The information provided is not written or intended as tax or legal advice and may not be relied on for purposes of avoiding any Federal tax penalties. We are not authorized to give tax or legal advice. Individuals are encouraged to seek advice from their own tax or legal counsel.