Frequently Asked Questions

You can think of it as an income safety net, giving you an earnings replacement if you're not able to work due to an unexpected illness or injury. It can help pay your most essential expenses, like food, utilities, school tuition, home, and car payments.

It's a smart way to protect yourself, your family, and your lifestyle. Without income insurance, working individuals and their dependents are at risk of experiencing potentially devastating financial losses, like losing their homes and investments. And the truth of the matter is, few of us will have enough savings to manage financially for long periods of illness. That's where income insurance can really help.

Did you know there are 3 core events that can lead to severe financial suffering? These are death, disability, and old age. But! There’s great news… With good planning, there are specific solutions for each of these events: life insurance, retirement funding, and income insurance. A truly comprehensive financial plan is not complete unless you have all three areas covered.

Income insurance pays a benefit that replaces a portion of your income or provides you with a lump sum payment if you become too sick or injured to work. For disability coverage, and after the onset of a disability, you’ll need to complete a "waiting period" or "elimination period" (as the insurance world likes to call it), where you were unable to work, and your disability was continuous through the "waiting period" or "elimination period" and you were under the care of a doctor of an appropriate type for your injury or sickness. Once your benefits begin, they'll continue until the disability ends and you can return to work or until the benefit period and/or lump-sum provided by the policy ends.

Income insurance policy costs vary based on many factors like (but not limited to) health risk, age, benefit amount, waiting period, benefit period, or policy term. At Asteya, we have a variety of options to fit your budget.

Honestly, nothing! While we can’t prevent you from becoming injured or disabled, our insurance policies are there to protect your wages in situations where you’re not able to earn. That’s why we like to think of it as income insurance instead.

Yes! We are firm believers that your income is the strongest predictor of health outcomes and how long you’ll live. Statistics also show a high likelihood of people becoming ill or injured during their working years that would prevent them from earning an income. Just look at some stats:

• 1 out of 4 people will be unable to work due to wellness complications at some point before retiring
• By age 42, people are 4x more likely to have an injury or suffer health complications than they are to die during their working years
• You’re 3.5x more likely to need income insurance than life insurance

We recommend asking yourself: 'Could I cope financially if I was too ill or injured to work for an extended period? Could I continue paying all my bills?' If the answer is no, you should consider getting an income insurance policy.

Not necessarily. You should always consult the insurance contract and carefully read the exclusion list, as it is specific to each insurance product.

We’re working hard to add income insurance products to all the U.S. Click here to find out about the states we do cover!

You won’t be able to receive benefits or an elected increase in the amount of your insurance for a disability that results from a pre-existing condition subject to the terms and conditions of the policy.

You will need to keep paying your premiums during the waiting period. You’ll be able to stop if your claim/loss of income has been approved.

We generally don't cancel any policy without your consent. If you haven’t paid your policy premium, we’ll inform you that you have payments that need to be paid within your allowed grace period. If your premium is not paid within the grace period, we then have the right to cancel your policy and inform you of the cancellation. In case of misrepresentation in your application, the insurance carrier may also cancel your policy.