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The Importance Of Disability Income Insurance


Should you become disabled or sick and can’t work for an extended time, disability income insurance starts working for you. This protection is an important part of preparing for the unexpected and being able to maintain your standard of living if you’re not able to work due to an illness or an injury. It can provide financial support for paying bills and expenses, thus providing some stability for your family.

Making sure you know exactly how this coverage protects you – before you need it – is as important as having it in the first place. It’s necessary to understand the specific benefits and limitations of the policy, such as the definition of disability used in the policy, the duration of the benefits and the exclusions and limitations of the policy. This will help you understand the level of protection you are getting and whether it meets your needs. 

Call Chartered Financial Services at 800-549-6007 to learn more about disability insurance quotes and coverage or contact us if you would like to have a discussion.


What is it?

Disability income protection is insurance that replaces a portion of your income should you be unable to work due to an illness or injury. It essentially insures a portion of your paycheck. This coverage helps your ability to continue to make payments for routine expenses such as your home, car and other monthly bills. It allows you to focus on your health by reducing financial stress.

How Does It Work?

As with most forms of insurance, you pay a monthly (or other modal) premium for disability income protection. Then, if you ever find yourself out of work for an extended amount of time due to a covered illness or injury, the policy would provide an income during this period. 

It’s important to know whether you need short-term or long-term disability income protection. Both types of coverage will help you maintain your lifestyle, but for very different lengths of time. While disability income protection can seem like a simple product, specific options will vary from plan to plan that could change how the insurance protects you.

Who Needs Disability Income Insurance?

Most people who do not currently have disability income protection could benefit from having it. If you or your family would not be able to get by without your income for an extended period, you may want to consider disability income protection options. Even if you never need to use the policy, the protection it provides can be reassuring.

Chartered Financial Services collaborates with many disability income insurance providers. Our professionals can help you better understand disability income insurance protection and how it fits into your overall insurance and financial plans.