{"id":949,"date":"2025-04-17T17:16:41","date_gmt":"2025-04-17T17:16:41","guid":{"rendered":"https:\/\/staging8.dynaserverx.com\/newenglandtrust.com\/?post_type=articles&#038;p=949"},"modified":"2025-04-17T17:16:41","modified_gmt":"2025-04-17T17:16:41","slug":"what-is-disability-income-insurance-for-business-owners","status":"publish","type":"articles","link":"https:\/\/staging8.dynaserverx.com\/newenglandtrust.com\/articles\/what-is-disability-income-insurance-for-business-owners\/","title":{"rendered":"What Is Disability Income Insurance for Business Owners?"},"content":{"rendered":"<p>One of your greatest assets is the ability to earn an income. If you were to lose that ability due to a disabling accident or illness, how would you pay your bills, send your kids to college, and save for retirement?<\/p>\n<p>A disability can create substantial economic hardship for individuals and their families. As a business owner, both your personal finances and your business could be at risk.<\/p>\n<p>One way to help protect against the financial loss associated with a disability is to purchase disability income insurance. If you pay the premiums, an individual policy can provide you with a tax-free income stream while you are unable to work.<\/p>\n<h2>Weigh Your Options<\/h2>\n<p>When evaluating disability income insurance policies, it\u2019s helpful to consider the following.<\/p>\n<ul>\n<li><strong>Definition of disability<\/strong>. You can typically choose between \u201cown occupation\u201d coverage and \u201cany occupation\u201d coverage. With \u201cany occupation\u201d coverage, you can claim disability only if you are unable to perform any type of job. This type of coverage is generally less expensive than \u201cown occupation\u201d coverage.<\/li>\n<li><strong>Amount of monthly coverage<\/strong>. You can purchase disability insurance that will replace a certain percentage of your income \u2014normally up to 50% or 60% of your pre-disability income. You should consider purchasing coverage that will enable you to meet your monthly financial obligations.<\/li>\n<li><strong>Waiting period<\/strong>. The waiting period represents the amount of time that must pass between the date you become disabled and the date that disability income payments begin. The longer the waiting period, the less expensive coverage will be.<\/li>\n<li><strong>Benefit period<\/strong>. The benefit period can range from several months to life. The longer the benefit period, the higher the cost of insurance.<\/li>\n<\/ul>\n<p>A disability income insurance policy could make the difference between financial security and financial hardship. Don\u2019t wait to consider this protection until it\u2019s too late.<\/p>\n<p><em>A complete statement of coverage, including exclusions, exceptions, and limitations, is found only in the disability income insurance policy. It should be noted that carriers have the discretion to raise their rates and remove their products from the marketplace.<\/em><\/p>\n<p>&nbsp;<\/p>\n<p>The information in this newsletter is not intended as tax, legal, investment, or retirement advice or recommendations, and it may not be relied on for the \u00adpurpose of \u00adavoiding any \u00adfederal tax penalties. You are encouraged to seek guidance from an independent tax or legal professional. The content is derived from sources believed to be accurate. Neither the information presented nor any opinion expressed constitutes a solicitation for the \u00adpurchase or sale of any security. This material was written and prepared by Broadridge Advisor Solutions. \u00a9 2025 Broadridge Financial Solutions, Inc.<\/p>\n","protected":false},"featured_media":950,"template":"","meta":{"_acf_changed":false},"article-category":[20],"class_list":["post-949","articles","type-articles","status-publish","has-post-thumbnail","hentry","article-category-risk-management"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v25.3.1 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>What Is Disability Income Insurance for Business Owners? - New England Trust<\/title>\n<meta name=\"description\" content=\"In Evanston, IL, Robard Flaremoor offers Financial Planning Services &amp; Financial Advice. \u2018Financial Services\u2019 from College Funding to Wealth Protection. \u2018Tax Services\u2019 include Tax Preparation, Tax Reduction, and Tax Management\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/staging8.dynaserverx.com\/newenglandtrust.com\/articles\/what-is-disability-income-insurance-for-business-owners\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"What Is Disability Income Insurance for Business Owners? 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