Disability Insurance

Individual Disability Insurance – Individuals whose employers do not offer disability benefits, as well as self-employed professionals, can purchase their own coverage. Premiums and available benefits vary widely by insurer, occupation, and location. Costs generally increase for policies that provide higher monthly benefits, longer benefit periods, shorter waiting periods, or broader definitions of disability that qualify you for payments in more situations.

High-Limit Disability Insurance – High-limit disability insurance ensures total disability benefits remain at roughly 65% of income, even for high earners. This coverage is typically supplemental to a standard disability policy. Benefit amounts can range from an additional $2,000 up to $100,000 per month, and some insurers offer combined individual or group long-term disability protection up to $30,000 per month.

Key-Person Disability Insurance – Key-person disability insurance protects a business from financial loss if a crucial employee becomes disabled. Benefits can be used to hire a temporary replacement for short-term disabilities, or in long-term cases, to cover recruitment, training, revenue loss, and salary continuation costs associated with replacing the key employee.

Business Overhead Expense Disability Insurance – Business Overhead Expense (BOE) insurance reimburses a business for essential operating costs when the owner becomes disabled. Eligible expenses include rent or mortgage payments, utilities, equipment leases, maintenance, accounting or billing fees, insurance premiums, employee salaries and benefits, property taxes, and other ongoing monthly obligations.