If you are 18 to 60 and have earned income, there is Disability Income Protection available for you. The policy, provisions and premiums can be guaranteed to age 65 or set up as adjustable. With some coverage, after age 65, it is possible to renew your base policy for life, provided you continue to work full-time.
Personalized coverage is available for Total, Partial or Residual disability and most policies contain a Return to work and Recovery benefit. You may choose from a variety of benefit payment periods, and policies can be designed to suit almost any budget.
If you are under 35 some plans have Step rates available so you pay less at the beginning of your career, and important options such as cost of living protection and future insurability guarantees can be added.
There are plans that allow you to convert all or a portion of your disability insurance coverage from ages 55 to 65 (up to $6,000 per month) to an equivalent amount of long-term care coverage, without having to provide evidence of good health (some restrictions apply).
Other possibilities include:
- A portable plan should you change jobs.
- Retirement Protector
- Health care profession rider
- First day of hospitalization benefit
- Accidental death and dismemberment benefit.
It is best to deal with a broker who is familiar and experienced with the disability insurance industry to ensure the proper plan is designed for your specific needs.