Being disabled doesn’t mean unable
Meet Dr. Feranmi Okanlami. After suffering an unexpected accident, his disability insurance helped him continue to pursue his dream, while also opening up new avenues for him to find success. Watch his story to find out more.
Disability insurance
What is disability insurance? It protects your ability to earn a living. If you get too sick or injured to work, it replaces a portion of your income so you can pay your bills. Disability is more common than you may think: Only 3 in 10 persons with disabilities who are in the working age are employed and two-thirds in this age group are outside of the labour force.— and most don’t originate at work, so they aren’t covered by workers' compensation.¹
Income protection you can count on to help you pay your bills when you can’t
Get disability insurance for yourself
Affordable long-term disability plans for the self-employed and people who want to supplement coverage from work.
Get disability insurance for employees
Protect the financial wellness of employees with short- and long-term coverage that can be managed in lockstep with other leave requirements.
Disability insurance basics
Who is disability insurance for?
If you depend on the income you receive through work to pay your expenses, then you should probably consider disability insurance. It ensures that you can continue to receive partial income if you become too sick or injured to work.
A history of protecting
Why choose Genesis Wealth for disability insurance?
With our wide range of plans and options to meet the needs of individuals and businesses, we are here to provide solutions. Our extensive knowledge and proper advisory will ensure your needs are well met. Genesis Wealth focus not only on building legacy , we are also laser focus on protecting your legacy.
Why every working adult should have disability insurance
What would happen if you were suddenly unable to work and earn an income? Accidents and injuries happen, and we can’t always anticipate if or when we’ll be diagnosed with a serious illness or medical condition. A disability policy can help protect you and your family by providing income to help pay your bills if you can’t collect your normal paycheck.
Disabilities are more common than you may think
While the term “disability” is sometimes applied to catastrophic conditions, such as paralysis from a car accident or a debilitating stroke, it covers far more conditions than you might think. Disabilities are more typically the result of less severe injuries, and people often need disability coverage for more common conditions such as pregnancy, back pain, depression, and digestive disorders.
Leading causes of disability claims*:
FAQ
Top questions about disability insurance
The two main types of disability insurance are short-term disability insurance and long-term disability insurance.
Short-term policies provide benefits for a limited period, such as a few weeks or a few months. Payments start after a short waiting period — often one or two weeks. This type of insurance, usually available through an employer, is designed to cover temporary medical conditions or injuries that prevent you from working.
Long-term disability insurance pays for a longer period. Policies differ, but benefits can last several years — even until the disabled person reaches retirement age, or is able to return to work. This type of plan can help you maintain your lifestyle if a more serious or even permanent disability prevents you from earning income for years.Anyone who relies on their income to support themselves or their family should consider disability insurance. It can help provide financial support if you are unable to work due to an illness or injury that leaves you disabled and unable to earn an income.
While many people get coverage from their employer, self-employed individuals and business owners should also look into getting a policy, as a disability could not only threaten their income but the viability of their business. In addition to protecting your personal income, disability insurance for business owners can help protect the key areas your absence would impact, including:-
Coverage for business expenses
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Help protect your ability to pay business loans
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Protect your firm if your business partner becomes too sick or injured to work
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Individual disability insurance can be an excellent option for anyone who doesn’t receive disability coverage through work, including the self-employed.
Other things to know about getting disability insurance
First, look at your income needs to help determine what your monthly benefit payout should be. If you have disability insurance through your job, see if it’s enough. Workplace plans generally reimburse around 40 to 60% of your pre-disability salary. A supplemental disability insurance plan, either obtained through work or on your own, can cover a part of your income that group insurance may not. Or, if you don’t have workplace coverage, consider getting an individual disability plan for the amount you need. Ensuring all gaps are covered are essential for your financial wellness.
Thinking about individual disability income insurance? Connect with a financial professional.
A long-term individual disability policy can be a powerful tool to help ensure your financial well-being. But to do so it should be tailored to your individual needs. So, it's a good idea to work with a financial professional who will learn about your situation and concerns and provide in-depth information about your options. If you have someone you trust, talk to them about your disability needs. Connect with usl who will listen to your needs, tell you about the best ways to meet those needs within your budget, then help you decide.