Disability insurance is protection for the thing that matters most — your ability to earn an income. Sometimes referred to as paycheck protection, this insurance can replace a portion of your income if you are unable to work because of the birth of a new child, any covered injury or an illness.
What it is
Disability insurance is protection for the thing that matters most – your ability to earn an income. Sometimes referred to as income protection, this insurance can replace a portion of your income if you are unable to work for a few weeks or months because of an illness, injury or childbirth.
What it covers
Disability coverage may replace anywhere from 40%–70% of your income, depending on the plan you select. From maternity leave to a back injury or recovery time from a serious illness, disability benefits protect you through a range of different life events. The length of time the benefit covers will vary by policy, so make sure you get the full details when signing up.
What it costs
The exact price will vary depending on your age, salary and coverage decisions, but it may be more affordable than you think. And, the earlier you purchase insurance, the lower the cost.
What it will pay
The amount you receive will depend on your policy; however, a typical plan will pay you approximately 60% of your monthly salary.
What it may exclude
Your coverage may exclude particular conditions, or exclusions may apply if the definition of disability is not met as noted in your policy. Your policy will specify all exclusions.
For your employees who purchase our accident insurance policy, disability income riders are available at an additional cost.
See a Paul Revere benefits counselor for more details.
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