Disability income insurance is designed to replace an insured's income, should they no longer be able to work as a result of a disability. This insurance product can replace an average of 60% of your gross income on a tax-free basis.

There are many different elements that make up a disability income insurance policy, so it is important to understand one's policy, and how he or she will receive disability income benefits, should the need arise. Premiums for this product are based on occupation, salary, and age. This product must be purchased before age 60.

Various factors you should pay close attention to when deciding if a certain Disability Income policy is right for you include:

• The definition of partial or total disability in your policy
• How long is your waiting period before the disability income benefits kick-in?
• How long will you receive your monthly disability income benefits?
• What are the exclusions of your policy?