Often an overlooked type of insurance protection, disability insurance is really income protection. Your earned income is your most valuable asset. Imagine what life would be like without it if you were hurt or sick and couldn’t work. You may be thinking, what about workers compensation or temporary disability insurance (TDI) that my employer provides? Isn’t that sufficient? 90% of disability insurance claims are actually caused by illnesses, not accidents. In Hawaii workers comp provides 66 2/3 % of your income and TDI only 58%. Both benefits are taxable. TDI only pays for up to 6 months and has an income cap so if your gross wages exceed the cap the actual benefit amount will be less than 58% of your gross wages.
Are you self-employed?
If you are a business owner you especially need disability income protection because you are most likely not covered under your company’s worker’s compensation or TDI policy.
Fill in the gaps with disability income protection to protect your most valuable asset. Contact us today for help with tailoring a plan that fits your needs.