May 12, 2022
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Disability insurance offers several different plans to support you and protect your income if you become disabled. With the variety of policies, we offer a wide range of benefits and premium options to work best for your occupation, income level, and needs.
Applicant’s Information
Disability insurance is the protection offered to replace a portion of your income in the event you become disabled and are unable to earn income. There are many scenarios in which a disability can occur such as:
The duration of a disability can be short or long-term.
AIQ can help you through the process of acquiring disability insurance for your specific situation. Whether you want to supplement the coverage you receive through work, or if you are self-employed, we can help find a solution to protect you in the case of a disability. AIQ will help you navigate your financial needs with our expertise and industry knowledge.
Disability insurance premiums are not tax-deductible for individuals or businesses. In some group policies, if the employer pays the premiums, they can be tax-deductible. It’s best to speak with an accountant.
Yes, but your premiums are often more expensive. For instance, if you’re receiving disability payments while undergoing chemotherapy treatment for cancer, buying life insurance will be more expensive. In fact, many life insurance companies will only reduce premiums after 2 years of remission.
No, term life is a policy that pays your beneficiaries upon your passing. You can buy disability insurance from your life insurance provider at the same time, but they are different products.
Key person disability insurance is a type of business insurance that protects the people most valuable to the organization. Should anything happen to this key person, whose skills and intellect are invaluable to the organization, the business would suffer extreme financial loss if they are unavailable to work. Key person disability insurance compensates the business.
Long term disability insurance generally lasts between 2-5 years, depending on your policy. It’s always important to clarify these details and expectations with your broker before signing.
Short term disability insurance typically lasts about 6 months, but it depends on your policy. It’s always important to clarify these details and expectations with your broker before signing.
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