Welcome to
Disability Life Insurance
Safeguarding Your Income and Protecting Your Future
What is Disability Life Insurance
Disability insurance is a type of insurance coverage designed to provide financial protection in the event of a disabling injury or illness that prevents an individual from working and earning an income.
Disability insurance replaces a portion of the insured individual’s income if they become disabled and are unable to work, helping to cover essential living expenses, medical bills, and other financial obligations during a period of disability.
Why Disability Life Insurance
Disability insurance is essential because it protects your most valuable asset—your ability to earn an income.
Without disability insurance, an unexpected injury or illness that leaves you unable to work could lead to financial hardship and jeopardize your financial stability and long-term goals.
Disability insurance provides peace of mind knowing that you have financial protection in place to help you maintain your standard of living and support your family in the event of a disability.
How does Disability Life Insurance Work
Disability insurance works by providing monthly income benefits to policyholders who are unable to work due to a disabling injury or illness.
Policyholders pay premiums to the insurance company, and in return, the insurance company provides benefits if the policyholder becomes disabled and meets the policy’s definition of disability.
When a policyholder becomes disabled and is unable to work, they can submit a claim to the insurance company, providing documentation and medical evidence to support their disability claim.
The insurance company reviews the claim and determines eligibility for benefits based on the policy’s terms and conditions. If approved, monthly disability benefits are paid out to the policyholder for the duration of their disability, up to the policy’s benefit period or until they are able to return to work.
Who may need Disability Life Insurance
Working Professionals
Individuals who rely on their income to cover living expenses, support their family, and achieve their financial goals.
Business Owners
Entrepreneurs and business owners who do not have access to employer-sponsored disability benefits and want to protect their income and business interests.
Self Employed Individuals
Freelancers, consultants, and gig workers who do not have access to traditional employer-sponsored benefits and need income protection in case of disability.
Sole Breadwinners
Individuals who are the primary earners for their families and want to ensure their loved ones are financially protected in the event of a disability.
High Income Earners
Individuals with high earning potential who want to maintain their lifestyle and financial security if they are unable to work due to disability.
Disability Life Insurance Advantages and Disadvantages
Advantages
Protects your income and financial stability in the event of a disabling injury or illness.Provides peace of mind knowing that you have financial protection in place for unexpected emergencies.Helps cover essential living expenses, medical bills, and other financial obligations during a period of disability.Offers flexibility in coverage options and benefit amounts to suit individual needs and budget.May provide tax advantages, with disability insurance premiums often being tax-deductible for self-employed individuals.Disadvantages
Premiums can be expensive, especially for high-income earners or individuals in high-risk occupations.Policy eligibility and benefits may be subject to certain restrictions and limitations, depending on the policy’s terms and conditions.Coverage may be limited to specific types of disabilities or may exclude pre-existing conditions.Policyholders must continue paying premiums to maintain coverage, even if they never become disabled.Waiting periods and benefit elimination periods may apply before disability benefits are payable, leading to a temporary loss of income during the waiting period.Disability Insurance Tools and Resources
Frequently Asked Questions
Life cover, also known as life insurance, provides financial protection to your loved ones in the event of your death. It offers a lump sum payment to the beneficiaries, helping them maintain their financial stability and cover expenses such as funeral costs, mortgage payments, and everyday living expenses.
EMAXONELIFE offers a range of life insurance products to cater to different needs and preferences. Our life insurance options include term life insurance, whole life insurance, universal life insurance, (IUL) indexed universal life, long term care insurance, disability insurance, and annuity products. Each product provides unique features and benefits allowing individuals to choose the coverage that best suits their requirements.
EMAXONELIFE offers life insurance coverage to a wide range of individuals. Eligibility requirements may vary depending on the specific policy and coverage selected. Generally, anyone who meets the following criteria can apply for life insurance:
Must be of legal age (18 years or older)Must be a citizen or permanent residentMust meet the underwriting standards set by EMAXONELIFE, including health and lifestyle factors.Some policies may have additional eligibility criteria or restrictions, which can be discussed with an EMAXONELIFE Insurance Advisor.
Minors
Working professionals
Stay-at-home parents
Seniors
Business owners
Individuals with financial dependents
Homeowners with mortgages
Individuals seeking to protect their loved ones financially