Illness or Injury – Loss of Income

Disability Policies – Income Replacement

Disability Policies – You can protect your finances and relieve the stress of lost income through tax-free income replacement plans. Morgan National can formulate an income plan tailored to your specific needs.

Injury and illness can prevent an individual from earning a living, thereby requiring the individual to dig into his or her savings or accumulate debt.

This often happens where an individual is employed by a company that does not offer income replacement within its group benefits package, if indeed it even offers group benefits.

Most disability policies will pay out up to 66 2/3% of one’s employment income up to some pre-determined maximum-and that amount may be subject to certain limitations such as medical underwriting which can reduce the net amount the disabled person can receive.

Income replacement within a group benefit plan is not be available to “subcontract” workers; and Workers’ Compensation payments will not be made to workers whose illness or injury is not job-related.

Privately owned disability plans are available to the self-employed and to workers who are not part of a group health care program offering income replacement plans. Privately owned disability plans can be used to top-up existing group coverage.

Privately-owned plans belong to the individual, so in effect, they are portable-allowing the individual to work for anyone without worrying about the loss of protection. While these plans are generally more expensive than group plans, they carry options that provide enhancements and superior benefits, such as Return of Premium (ROP) if no disability benefit payments are made.

You’re a Business Owner-What if the Disability Benefit Payment is Not Enough?

The business owner can purchase additional coverage to pay bonafide business operating expenses such as rent, telephone, insurance and even replacement staff, during the employer’s absence.

Whether you are a business owner or an employee, income replacement should be part of your plan for financial security (do you have a plan)?

Give us a call……

We’re Morgan National Corporation and we know income replacement…1-866-595-3533.