insurance project - Hardy Insurance Case Disability insurance Nancy has a long-term disability through her employer with a liberal own occupation

Hardy Insurance Case Disability insurance Nancy has a long-term disability through her employer with a liberal “own occupation” definition of disability. This benefit will provide 60% of her income replacement after a 6-month elimination period. Currently the Hardy’s pay no premiums for this coverage and if they felt the need to purchase a supplement to increase this coverage from 10% for added security this would add premiums into their budget. Jim currently has no disability insurance. Since Jim’s salary is a large contribution to their finances, protecting this income in the event that Jim is injured is advisable. Jim would need to make a few choices about the type of disability insurance as well. Since their finances allow for an emergency fund purchasing short-term disability, which usually pays benefits for around 6 months, would not be advisable. Long-term insurance, with a 6-month elimination period, is recommended.