Disability Income Insurance
What is it?
Disability insurance is also called disability income (DI) insurance. If you become too sick or injured to work for an extended period of time, DI could help cover a portion of your income, including bonuses, commissions, even retirement contributions.
It’s important to know that even if you have group long-term disability insurance through your employer, it may not be sufficient to replace your income if you shoudl become to sick or hurt to work.
Do I need it?
Your ability to earn an income is possibly the greatest asset to your lifestyle, your future, your family, and your retirement.
While you may think it will never happen to you, could you continue to meet your financial obligations if you were to become too sick or hurt to work? Could you still pay your mortgage, car payments, utilities, , living expenses and more?
If you rely on your income to meet your financial obligations, then you should protect your income NOW.
Will I use it?
Chances are, you probably know someone who’s had to take time off from work for medical reasons, even if it’s not permanent. In fact, one in four 20-year-olds will become disabled before they reach retirement age, according to the Social Security Administration.2. Contrary to what you might think, the most common cause of disability is illness, NOT accidents or injuries. Arthritis, back pain, neurological problems and cardiovascular illnesses are all more common than injuries when it comes to disability claims1. A properly structured policy can protect you from the unexpected.