Disability insurance replaces a portion of your income, not all of it, and pays only while you meet the policy's definition of disability. Three terms decide what you collect: the benefit amount, the elimination period before payments start, and the benefit period that sets how long they last. Read these before you rely on any plan.
Policies pay a percentage of your income, so your monthly check is smaller than your paycheck. Some plans cap the monthly dollar amount, which matters most for higher earners.
The waiting period before benefits begin, often 90 to 180 days on long-term plans. You cover your expenses until it ends, so savings need to reach that far.
How long payments last once they start: a set number of years or until a stated age. A short benefit period can end long before a serious condition does.
Some policies pay if you cannot do your own occupation. Others pay only if you cannot do any occupation you are reasonably suited for, which is harder to meet. Many plans use the first definition for an initial period and the second afterward.
Guy Jean reads the actual policy language with you, not just the summary, so you know what a plan pays before you need it.
It varies by plan. Long-term plans commonly replace a share of income, often between about half and two-thirds, and may cap the monthly dollar amount. Check the benefit percentage and the cap in the policy.
It is the waiting period after you become disabled before benefits start. Longer elimination periods usually lower the premium, but you need savings to cover your bills until payments begin.
It depends on who paid the premiums and whether they were paid with pre-tax or after-tax dollars. Employer-paid, pre-tax premiums usually make benefits taxable. Confirm with a tax professional, since Guy Jean is not a tax advisor.
Own-occupation pays if you cannot do your own job. Any-occupation pays only if you cannot do any job you are suited for by education and experience. Own-occupation is easier to qualify under, and policies often switch to any-occupation after a set period.
Guy Jean compares real offers across carriers and explains what fits before you decide anything. No pressure, no obligation.
Guy Jean will reach out shortly with your options. Prefer to talk sooner? Book a free call.