Disability Insurance

Description
Disability insurance provides tax-free monthly income if an individual is unable to work due to an injury or sickness.

Objective
To replace up to approximately 70 per cent of a person's employment income if they can't work due to disability.

Suitability
Suited for any individual or business owner under age 60 with employment income who has insufficient liquid assets to sustain a loss of income due to a disabling injury or sickness.

Features

• Definition of Disability: Defines under what circumstances a person qualifies for benefits. The most liberal definition defines disability as the inability to do the substantial duties of one's current occupation.
• Renewal Provisions: Indicates under what circumstances the policy can be renewed and if premiums can be raised. The most liberal definition is "Non-cancelable Guaranteed Renewable," which means the policy can be canceled only due to nonpayment of premium and the premium cannot be increased.
• Monthly Benefit Amount: Generally up to approximately 70 per cent of employment income.
• Elimination Period: This is the period of time when no benefits are payable, generally 90 days to two years.
• Benefit Period: This is the length of time benefits will be payable. Time periods typically range from two years to age 65.
• Waiver of Premium: This is a built-in feature allowing the premium to be waived after 90 days of disability.

For more information, please contact your Edward Jones financial advisor*.

Insurance and annuities are offered by Edward Jones Insurance Agency (except in Quebec). In Quebec, insurance and annuities are offered by Edward Jones Insurance Agency (Quebec) Inc.