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How does disability insurance help?

Disability insurance pays you an income for a set number of years, or until a specific age, in the event an injury or illness prevents you from working. The amount of benefit you are entitled to receive is based on a percentage of your pre-disability income. Typically, this percentage ranges from about 40% to as much as 75% of your income. The higher your income, the lower the percentage offered as a benefit. If you are paying the premiums yourself, the benefits are received tax free. Normally, your benefit is paid to you on a monthly basis.

While disability insurance may not provide you with as much money as you earned when you were working, if it is a well designed benefit, you will have an income that will allow you to maintain your financial obligations. This allows you to focus on your health, rather than worry about where the money is going to come from to pay your bills.