Where will your income come from if you get sick or hurt? Disability Insurance or Income Replacement plans provide a source of income if you are not able to work.
"Elimination Period" is the length of time you have to be unable to work in order to qualify for benefits. The shorter the elimination period, the more expensive the coverage will cost.
"Benefit Period" can be customized to fit your needs. Do you want to be paid to age 65 if you can't return to your own job? Would a payment period of five years be more appropriate for you? You can add numerous options to an income replacement plan.
Some of these examples are:
. Payments for partial disability situations
. First day hospital coverage
. Indexing of income payments
. Lifetime benefits for accidents
Many employers provide some coverage. A Certified Financial Planner will summarize your benefits as provided by your employer. Any shortfalls and potential shortfalls can be identified and solutions can be implemented to solve the problems.