McCay & Associates

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Disability insurance is one of the most overlooked and underutilized forms of insurance available. Disability may be the most important form of insurance, because in order to pay your bills and expenses, you need an income. If you were to become disabled and did not have insurance to account for this loss of income, you could be put into a huge financial bind, especially if it is a permanent disability.

Disability insurance is available to people with non-work related injuries, expecting mothers, or people who contract illnesses. The purpose of disability insurance is to replace some income to eligible workers while they recover from their life event. The amount of wage replacement depends on the type of disability the person sustains. If a person has a temporary disability, the insurance pays a small portion of the policyholder’s normal income; this is designed to get the employee back to work as soon as possible. If the insured becomes permanently disabled and is unable to work, a much larger portion is paid. Without disability income, accounts drain quickly.