Disability Income Insurance Considerations for Working Women

collage of 5 working women in various occupations

Disability income insurance (DI) is designed to help replace a portion of your income if a disabling illness or injury prevents you from working. Understanding how DI works can be an important part of evaluating financial protection strategies.

How DI Works

A DI policy pays a monthly benefit if you are experiencing a disabling illness or injury and unable to work. Key features of a policy may include:

  • Benefit Amount

  • Elimination (waiting) Period

  • Benefit Duration

  • Definition of Disability

Coverage details can vary, so reviewing policy terms is important when comparing options.

Coverage needs can differ based on individual circumstances. For working women, considerations may include:

  • Current Income and Financial Obligations

  • Dependence on Earned Income

  • Access to Other Financial Resources

  • Employment Structure (e.g., salaried, self-employed)

Paycheck Protection for Working Women

From our early roots to today, Illinois Mutual has aimed to serve women. In 1934, we were the first company to issue a professional policy designed for working women.

1934 advertisement from Illinois Mutual
Illinois Mutual has specialized DI expertise in the occupations and income protection needs of women who work as:

  • Nurses

  • Dental Hygienists

  • Hair Stylists

  • Real Estate Agents

  • Skilled Laborers (construction, welders, electricians)

  • Small Business Owners

  • Stay-at-Home Moms

  • Teachers

  • Truck Drivers

  • And hundreds more!

BE for Women Who Own Small Businesses

Up until 1988, some U.S. states required women to have male relatives cosign on business loans. Thankfully, legislation changed this outdated and unnecessary practice.

Small business owners spend a lot of time working. Their business is like a home away from home, and their employees are like family. They rely on the owner to keep the business running and financially healthy.

That’s why every small business owner should know about another form of income protection: business expense (BE) insurance.

BE, also called business overhead expense insurance, could help keep a business going if an illness or injury disrupts an owner's paycheck and prevents them from working.

The benefit from BE can cover a wide range of fixed business expenses, including:

  • Employee Salaries, except salary of the insured, someone who replaces the insured, and any family member working less than 3 months for the insured

  • Office Maintenance and Repairs

  • Lease or Rent Payments

  • Property and Payroll Taxes

Learn more about disability income insurance