Individual Disability Insurance

Individual disability insurance is a type of insurance policy that provides income protection to individuals in the event they become unable to work due to a disabling injury or illness.

Under such a policy, if the insured person is unable to work and earn an income due to a covered disability, the insurance company pays out a monthly benefit to replace a portion of their lost income. This benefit is designed to help cover living expenses, such as mortgage or rent payments, utility bills, and other day-to-day expenses.

Individual disability insurance policies vary in terms of coverage options, benefit amounts, waiting periods (also known as elimination periods), and duration of benefits. It’s essential to carefully review the policy terms and conditions to understand what disabilities are covered, how benefits are calculated, and any limitations or exclusions that may apply.

Individual disability insurance can provide financial security and peace of mind by helping individuals maintain their standard of living and meet their financial obligations even if they are unable to work due to a disability.

How to Get Individual Disability Insurance

You may have several choices for individual disability insurance coverage, including group coverage through your employer, short-term disability insurance, long-term disability insurance or supplemental disability coverage.