Ohio Society of Certified Public Accountants

Individual Disability Insurance


Did you know there are thousands of known illnesses and conditions that can cause a disability?  Just look at this breakdown:












Data gathered from various insurance carriers.  The above is for illustrative purposes only and is not intended as an inclusive representation of claims.

Help protect your income today

Individual Disability Income insurance helps protect your ability to work and earn an income.  If you have a qualifying disability, this policy pays a monthly benefit to help you cover daily living expenses so you don’t have to dip into your hard-earned savings.

About your policy

A typical Individual Disability Income insurance policy is non-cancelable and has guaranteed premium rates to age 65.  Many policies have a Your Occupation definition of disability.  This type of policy helps protect you if you are unable to work in your occupation(s) – the one you are actively working in at the time of your disability – until the end of your benefit period, which means you are not required to work in a new occupation.  Benefits are payable (after satisfying your policy’s Elimination Period) to the end of your benefit period as long as you remain disabled.

Group Long-Term Disability (LTD)

Many people think that their employer-sponsored LTD plan is sufficient.  However, these plans often have benefit caps and likely do not cover commission or bonus payments.  Therefore, a large portion of your income may not be covered.  Individual Disability Insurance can help bridge this gap.

Other Disability Insurance Products to Consider


Retirement Protection Insurance

You care about maintaining your quality of life in the future, so you’ve worked hard to set aside money for your retirement.  Of course, that future depends heavily on your being able to make regular retirement plan contributions to build the sizable nest egg you’ll need to ensure your comfort and security.  As long as things continue the way you’ve planned, you can look forward confidently to a happy, prosperous retirement.

Retirement protection insurance is neither a pension plan nor a substitute for one.  Rather, it is a program that provides disability income insurance to replace retirement plan contributions made by you and your employer.  It can help you maintain a healthy retirement strategy for when you become too sick or injured to work, earn an income, and contribute to your retirement plan.

For Business Owners


Disability Buy-Out Insurance

Few business partners have a plan in place to help protect their business in the event of a prolonged or permanent disability of a partner.  And few business owners realize that such an illness or accident befalling a partner could have devastating effects on their business.

A disability buy-sell agreement is an important first step in protecting a business in the event that one of the partners becomes disabled.  Disability Buy-Out Insurance reimburses the policyholder for the purchase of a disabled partner’s interest.

Overhead Expense Disability Insurance

In the event of a disability, you could be unable to provide the essential services your customers expect, and you may not be able to provide the leadership that your employees need.  Business expenses and operation costs do not stop when a disability strikes a business principal.  As your day-to-day expenses add up, you might be forced to consider severe measures like terminating employees, taking on debt, or possibly even closing your business.

Overhead Expense Disability Insurance is a cost-effective way to ensure that your business can meet its ongoing expenses during a period of disability.  Preserving the continuity of the business and retaining your customers is important whether you eventually return to work or find that you need to sell your business.

Contact our Life Team to discuss more. 

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