The Importance of Disability Insurance
What is your most important asset? Your home? Your Car? For most people, it is their income. Your income pays for both the big things in life – the mortgage, car, food, utilities, vacations – and life’s little things – children’s activities, movie tickets and cell phones. Most of us buy insurance to protect our home, car, and health, but we ignore the most important asset which needs to be protected– your INCOME. How would you pay your car insurance without income?
Disability Insurance can protect your mortgage and car payments by providing you an income if you are sick or hurt and unable to work. If your income goes to ZERO, what happens to your standard of living? People usually spend more than $250 a month on the latest gadgets and eating out. Yet, those same individuals haven’t taken the important step of buying disability insurance because they think it would be too expensive.
With an Individual Disability Insurance policy, benefits are typically non-taxable and can be purchased in addition to any group disability coverage you have. Disability policies provide a benefit if you are not able to exercise the duties of your occupation because of sickness or injury. Policy definitions are different for each insurance company, so shop wisely or use an independent broker who can provide you quotes to compare from more than one company. Each insurance company offers different features/riders which can be added to a policy. These features/riders vary based on age, income, occupation, etc. Some of the important riders to consider are “Own Occupation”, “Residual Disability”, “Inflation (Cost of living)” and “Catastrophic”.
Give us a call for a Disability needs analysis today.