Disability Insurance

This can be critical for some people depending on circumstances. Earnings are the biggest asset (depending on stage of career). Disability insurance replaces part of your income, usually around 60% up to a specified amount, when an illness or injury is ongoing or permanent.

All disability is not created equally. Now is a good time to check your disability definition. Some policies may pay benefits only if you can’t perform any work at all, rather than being unable to do the specific type of work you currently do. So if you can no longer handle some of the nuances of your job that are required, the insurance company can tell you there are plenty of other occupations you are still fit to work at.

You want to update your disability insurance to incorporate and protect your current salary if your salary increases. Hopefully, you had a rider for guaranteed insurability. If you didn’t have a guaranteed insurability rider, you would need to add a supplemental policy and consider adding the rider for your future income increases.