What Is Disability Income Insurance And Why Do I Need It?

Owning a business in today’s world can be a lot to deal with. Balancing demands from customers, suppliers, and employees with personal and family commitments can be a challenge. What would happen if you became sick or injured and could no longer work? How would you fulfill your income needs and support your family while keeping your business running? 

The Benefits of Disability Income Insurance

Disability income insurance is a type of business insurance that can address these concerns and has several key characteristics to consider. One of the most important features of a disability policy is the definition of disability. A policy that bases the disability benefit on whether or not you can perform your regular “own” occupation is preferable to one that uses an “any” occupation definition. 

Here are other key things to look for:

• Renewability. Can the insurance company change the premium or benefits after the policy is in force? A “Non-Cancelable” policy guarantees the insurer cannot modify the policy in the future. 
• Rehabilitation Benefit. Occupational training may be provided to help an insured return to work in their own occupation or one for which they are reasonably suited. 
• Partial Disability. What happens if the insured can still work part time? The ability to work limited hours and still receive a benefit can be desirable.  
• Additional Benefits. Disability policies can also offer custom riders that can expand or improve the existing benefits. 

Need help? Speak with an Insurance Expert Today

Protect your ability to earn an income. Contact your local Federated^® marketing representative to discuss ways that Federated Insurance^® can help you address the potentially catastrophic impact of a disability with disability income insurance.
 

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This article is for general information and risk prevention only and should not be considered another other offer of insurance or legal, financial, tax, or other expert advice. The recommendations herein may help reduce, but are not guaranteed to eliminate, any or all losses. The information herein may be subject to, and is not a substitute for, any laws or regulations that may apply. This information is current as of its publication date and is subject to change. Some of the services referenced herein are provided by third parties wholly independent of Federated. Federated provides access to these services with the understanding that neither Federated nor its employees provide legal or other expert advice. All products and services not available in all states. Qualified counsel should be sought with questions specific to your circumstances. All rights reserved.