Replace with: Disability Insurance Considerations for Working Women
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 Disability Income Insurance 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)
Learn More About Disability Income Insurance
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Paycheck protection for working women on the move
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.
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!
DI pays a portion of monthly income - and offers a chance to focus on recovery - if a disability takes away the physical ability to perform essential job duties.
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 Thankfully, legislation changed this outdated and unnecessary practice.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, 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