Disability Insurance

Disability Insurance Why You Need It

Your most valuable asset isn’t your house, car or retirement account. It’s the ability to make a living and keep what you have worked hard to build in your and your family’s lives.  Disability insurance pays a portion of your income if you can’t work for an extended period because of an illness or injury.

Types of Disability Insurance

There are two main types of disability insurance — short-term and long-term coverage. Both replace a portion of your monthly base salary up to a cap, such as $10,000, during disability. Some long-term policies pay for additional services, such as training to return to the workforce.

Short-Term Disability Insurance

• Typically replaces 60% to 70% of base salary Typically replaces 40% to 60% of base salary.
• Pays out for a few months to one year, depending on the policy.
• May have a short waiting period, such as two weeks, after you become disabled and before benefits are paid.

Long-Term Disability Insurance

• Typically replaces 40% to 60% of base salary.
• Benefits end when the disability ends. If the disability continues, benefits end after a certain number of years or at retirement age.
• A common waiting period is 90 days after disability before benefits are paid.

Why Crestway Group

The Crestway Group (CWG) will help design a personalized Disability Insurance coverage option customized to fit you and your family expectations.  A plan where coverage is portable (moves with you to new jobs), benefits can be customized to fit your needs and collect benefits tax-free if you become disabled.  Contact a team member of our Personal Lines Division as ask how we can design a that helps pays part of your income if you can’t work because of an illness or injury.