Your health is your wealth and, your ability to go to work each day is your largest asset. But what happens if you have a disruption in your health and you cannot earn your paycheck?

Disability Insurance replaces a portion of your income when you are unable to work due to an injury or illness providing a tax-free monthly benefit to assist you and your family cover expenses allowing you to maintain your lifestyle while you recover.

Disability Insurance can be offered through a combination of two options:

  1. Employer’s Group Benefit Programs however more often than not it may not be sufficient and is not portable in the event you leave the Employer.
  2. Individual Income Replacement Contracts which can be arranged here at Faiella Financial Group. Our Firm offers Disability Insurance for individuals and business owners as follows:
      • Business Overhead Expense insurance
      • Personal Disability Insurance
      • Buy Sell Disability Insurance

Personal Disability Insurance

This is coverage that you own and pay for yourself. It’s designed to replace your personal income that you generate by going to work each day. Or, it can also be built to supplement the coverage you may already be receiving from your employer, union or association. And, if you leave your current employer, this policy is fully portable – so you can bring it with you to your next job.

Business Overhead Expense Insurance

The success of a small business stems in large part from the productivity of its owners. If an owner becomes disabled, the business may suffer as well.

This plan is specifically for business owners who are responsible for covering expenses such as utilities, rent, staff salary, internet, and more. If you are not able to work due to an illness or injury, this policy will reimburse your business for expenses owed and help you “keep the lights on” while you’re recovering.

Buy Sell Disability Insurance

Business owners are no stranger to the need for a Buy/Sell Agreement in the case of death however having a “properly funded” Buy/Sell Agreement in case of long-term disability is equally important. When one of the owners is injured or ill and cannot contribute to the business, the potential for conflict between the owners may increase and the disabled person’s family may feel they need to step in to protect their interests. This product helps with providing the funding to buy-out the disabled partner ensuring he/she receives a fair amount for the shares while at the same time also protecting the healthy owners from having shares sold to a third party.

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