Disability insurance is designed to replace 45-60% of your gross income on a tax-free basis should a sickness or illness prevent you from earning an income in your occupation. Unlike Critical Insurance which will pay you a lump sum benefit, disability insurance policy will pay you a monthly benefit just like a regular pay cheque you get from your employer. The benefit payment can be taxable or non-taxable, dependent on the amount of benefit required and whether it is an individual plan or group plan provided by your employer.

The major features of a disability insurance policy are very crucial in choosing the right plan that suits your need. Whether you are employed or self-employed will also play an important role when designing your disability plan.

These are some of the provisions that differ from plan to plan and careful consideration on your part is paramount.

• Definition of Total Disability
• Non-Cancellable and Guaranteed Renewable Features
• Elimination or waiting period
• Benefit Period
• Optional Riders
• Policy Exclusions