The income you earn supports your family, financial goals, and lifestyle. If you were sick or injured and unable to work, what kind of financial impact would that have on your family? Disability income insurance provides monthly benefits to help replace a portion of your income if you are sick or injured and unable to work. It’s financial protection that helps you focus more on your recovery and less on how you’ll cover expenses.
Too Lucky to Consider Protection? See the Statistics on Disability
Seven out of ten Americans say that they will face financial difficulties within a month without an income if they were sick or injured and can’t work. Look at these statistics:
- 43% of 40 year old’s will have a disability event lasting 90 days or more by the time they reach 65
- 51 million working adults in the US who don’t have disability insurance coverage
- 3 yrs is the average length of a disability absence from work
This MUG Shot Could Save Your Livelihood
There are a number of different types of of disability insurance, Short Term Disability will cover from day 1 up to 26 weeks while Long Term Disability can replace your income up to age 65 for some occupations. There are large number of options and endorsements which can be added to many policies which can be confusing and increase the cost of the policy. I believe in most instances something is better than nothing, so just take a MUG Shot. Get enough protection to replace your M – Mortgage Payment, U – Utilities, G – Groceries. Try to get coverage for at least a 2 or 3 year period. Also if you delay the time you actually begin receiving benefits, elimination period (i.e. 60 to 99 days) you can reduce the cost and the coverage can be quite affordable.
Disability coverage should be a part of your overall financial plan along with life insurance and retirement savings. Just like life insurance, the ability to get coverage is dependent on your health and less costly the younger you are. Don’t procrastinate! Give me a call and let’s put a plan together to protect you and your family today.