You insure your home, right? Your car also? If I had to guess, there’s probably a good chance that you have insurance on your cell phone too. Serious question: if you had a machine in your garage that printed out $30,000, $50,000, $100,000 or more per year, wouldn’t you insure that machine as well? Newsflash: that machine may be you!
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.
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.
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.
Your income is most likely your biggest asset. Without it, it would be hard to support yourself and your loved ones financially, as well as keep your future plans on track. Individual disability income insurance can help you stay on track by protecting a portion of your income.
If you become too sick or hurt to work, individual disability income insurance may help you avoid using your retirement savings to cover income gaps. You may also be able to purchase a DI policy to help you continue saving for retirement while you’re disabled.
Individual disability income insurance policies may be customizable, so you can prepare for the future. For example, you may be able to choose to add a rider to your policy that allows your coverage to grow as your salary increases.