What is Disability Income Insurance? - dibrokerWest

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What is Disability Income Insurance?

For most of us, if we’re unable to work, we’re unable to collect a paycheck. However, even though money isn’t coming in, your bills still need to be paid. Disability income insurance protects workers’ income if they suddenly become unable to perform their job.
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Disability Insurance Features

Disability insurance policies are highly customizable, and each insurance company offers different terms and conditions to be considered. Below are some features of a disability insurance policy.
  • Benefit Amount
  • Benefit Period
  • Elimination/Waiting Period
  • Increase Options
  • Exclusions/Limitations
  • Residual or Partial Disability Rider
  • Own occupation/Specialty Rider
  • Cost of Living Increase Rider
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What are different types of disability insurance?

Individual Disability Insurance

Disability Insurance policies that cover one person.

Disability Insurance for Business

Disability Insurance policies that cover a business or business owner.

Guaranteed Standard Issue (GSI)

Disability Insurance policies that cover groups of employees or association members at discounted rates.

Guaranteed Medical Education (GME)

Disability Insurance policies that cover groups of medical residents and fellows at discounted rates.