Disability Insurance

1 in 3 people are likely to become disabled for a period of their career

Chronic pain, cancer treatment, severe depression—these are just a few of the virtually countless reasons you may not be able to show up to work for a significant period of time. Consider this statistic: A 20-year-old has a 30% chance of becoming disabled by the time he or she reaches retirement age. Needless to say, the financial consequences of a disability can be devastating.

While government programs such as Social Security provide disability benefits, the eligibility requirements are strict: Some countries state that your disability must be expected to last for at least a year and the government must conclude that you are incapable of any gainful employment. The benefits may fall well short of your lost income, too.

Disability insurance can provide some financial security and peace of mind if you're unable to provide it yourself.

Disability insurance, also known as disability income insurance, replaces a portion of your income—typically between 50% and 70%—if you are no longer able to work due to sickness or injury.

The best time to buy this insurance is now. You are only insurable when fit and healthy. The cost of having disability insurance is barely noticeable, but the benefit of having it available when you do need it, can be the difference between focusing on getting back to full health or losing your home.

Disability insurance will pay a monthly benefit while you are disabled and cannot work or perform your regular duties. If you don't have another income option, you can ask a qualified Holborn Assets adviser to discuss this as an option for you.