Protect Your Financial Security with Disability Income Insurance
Imagine how dramatically your life would change if you suddenly were unable to earn a paycheck due to a disabling injury or illness. For one-third of all Americans between the ages of 35 and 65, this will be a reality.
According to the American Council of Life Insurers, one-third of all Americans will suffer a serious disability between ages 35 and 651. In fact, in the United States, a disabling injury occurs every 1.6 seconds2.
That’s why it's important to take the steps necessary to protect you, your loved ones and your financial security if a disabling injury or illness occurs. Among the best protection is disability income insurance.
What is a disability?
A disability is usually defined as the continuous inability, because of injury or illness, to perform the material and substantial duties of your regular occupation or profession for a stated period of time, or any occupation or profession after that.
Most disabilities last longer than three months. If a person is disabled for three months or longer, it is likely the disability will last, on average, for three years1.
Employer provided coverage and social security benefits can be limited
Millions of workers have some disability income insurance through their employers. However, this is usually short-term coverage and may only provide benefits for 26 weeks. Longer-lasting disabilities are not usually covered. In addition, if your employer pays for the coverage as part of a wage continuation plan, the benefit paid to you will be taxed as income.
Workers’ compensation insurance will cover work related disabling injuries or illnesses, but those that occur away from work activities are not covered.
If you don't have disability income insurance, you shouldn’t rely on Social Security disability payments either. More than half of all disability claims submitted to the Social Security Administration are regularly turned down3. If Social Security should pay your claim, benefits normally will not be paid until at least five months after your disability began.
Find a solution that is best for you
Disability income insurance is designed to provide you money if you ever become disabled. That means money will be there when you need it most. It will help pay bills and meet other expenses associated with the disability.
Most disability income insurance policies can be designed to meet your particular needs. You usually choose among several benefit and deductible periods, and policy options.
Guidance from a trained professional
Disability income insurance can help you achieve financial security regardless of your marital status or family situation. In fact, this insurance can replace a good part of the income you'd lose if you were unable to work because of an accident or illness.
Even if you have some form or disability income coverage, Contact me for a review and more information regarding this coverage to ensure you and your family’s financial future is secure
Protect your family's financial future by build your family's personal safety net with life insurance The goal of life insurance is a simple one – to make sure that...Read more: ttp://insuranceandfinancial.org/llife_insurance