Disability Insurance

Have you ever considered whether you are prepared for the unlikely event that catastrophe could strike and prevent you from earning an income? Would your disability benefits cover your bills, provide for your family, and care for any additional health concerns brought on by your disability?
Many employers offer disability coverage, but often it is insufficient, and doesn’t last your lifetime. Social security offers disability coverage, but it only applies if you are completely disabled, it covers less than half of your income, and there are long delays to receive benefits. Your safest bet, to protect your family and provide for care in the event of disability is to have your own disability insurance policy.
Individually owned disability insurance is available to buy and almost every working adult should own it. Even if you have disability coverage through your employer, it’s important to evaluate that coverage to determine if it is sufficient. Often employers offer only short term disability insurance and the benefits are taxed, replacing less than half of your income. Worse, that coverage vanishes if you leave the company. It’s important to be sure you are protected by long term disability insurance that will remain in force from one job to another. The benefit amounts of disability insurance for individuals can be adjusted for pay raises and inflation, and in most states it can even pay an additional benefit for student loan debt.
Disability insurance plans won’t cover 100% of your income, but there are policies available that can provide you with up to 70% of your income. If you find that you need to collect benefits from your individually owned disability insurance, those benefits are tax free, whereas many times the benefits collected from an employer owned disability policy are taxable, leaving you with less money each month.
Evaluating your disability needs is simple, but very few people think about it until it’s too late. The cost of disability insurance is worth the peace of mind it will bring. Plan for emergencies – call me to set up a time to assess your disability insurance needs.
Many employers offer disability coverage, but often it is insufficient, and doesn’t last your lifetime. Social security offers disability coverage, but it only applies if you are completely disabled, it covers less than half of your income, and there are long delays to receive benefits. Your safest bet, to protect your family and provide for care in the event of disability is to have your own disability insurance policy.
Individually owned disability insurance is available to buy and almost every working adult should own it. Even if you have disability coverage through your employer, it’s important to evaluate that coverage to determine if it is sufficient. Often employers offer only short term disability insurance and the benefits are taxed, replacing less than half of your income. Worse, that coverage vanishes if you leave the company. It’s important to be sure you are protected by long term disability insurance that will remain in force from one job to another. The benefit amounts of disability insurance for individuals can be adjusted for pay raises and inflation, and in most states it can even pay an additional benefit for student loan debt.
Disability insurance plans won’t cover 100% of your income, but there are policies available that can provide you with up to 70% of your income. If you find that you need to collect benefits from your individually owned disability insurance, those benefits are tax free, whereas many times the benefits collected from an employer owned disability policy are taxable, leaving you with less money each month.
Evaluating your disability needs is simple, but very few people think about it until it’s too late. The cost of disability insurance is worth the peace of mind it will bring. Plan for emergencies – call me to set up a time to assess your disability insurance needs.