Disability insurance will provide you with 30 – 60% of your present income tax free if you are injured and unable to work. Some employers provide disability insurance as part of their benefits package, either covering the cost in full or in part.
If you are self-employed or not covered by your employer, you can purchase disability insurance from a number of insurance sources.
You can buy disability insurance to cover a percentage of your current income if you are injured. The percentage, and any cap on the amount you receive is generally dependent on the disability insurance company you purchase from, as well as the type of coverage you elect to carry.
Be sure to shop around and read the policy carefully. The cheapest premium rate may not be the best deal since there are wide variations in the terms of coverage between different insurance companies. Shopping around and comparing rates can often yield a significant savings.
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