Disability Income Insurance
What is it?
Disability insurance replaces your income if you’re unable to work due to a serious illness or injury. Typical policies replace 50%-70% of your pre-tax earnings. Sometimes, an employer offers a policy. Other times, you have to go out and look for it on the open market. Either way, it shouldn’t be as expensive as, say, auto or home insurance. It’s essentially just there in case something should prevent you from working and making a living the way you are used to.
Why is disability insurance important?
Your chances of being disabled for longer than three months are much greater than your chances of dying prematurely.* That’s partly due to the wonders of modern medicine – and its good news that so many previously fatal conditions are now treatable, and so many more lives are saved in hospitals.
Although this is good news, it increases your need to protect your income with disability insurance. Consider what might happen if you suffered an injury or illness and couldn’t work for days, months, or even years.
* Source: http://di-resource-center.com/disability-insurance-statistics/
We Want to Protect Your Life’s Work with Disability Insurance
With proper disability insurance, we offer the protective solutions you may need to help plan for the unexpected and protect what you’ve worked so hard to build.
Choosing Disability Insurance: The Evaluation and Comparison Process
In evaluating policies, you should compare them according to the following four criteria:
- How each policy defines disability
- The base features and optional features each policy offers
- The cost of each policy
- The insurers’ financial strength and track record of handling claims
When you go out and get a disability insurance policy, and read through it to learn what it offers, you’re better prepared for the unexpected. Many of us take our abilities for granted until suddenly, we’re not able to drive or use a computer or haul heavy materials. Then we understand what disability costs – but then, it can be too late.
Look for the suitable disability insurance policies that will help you out if you find someday that you’re no longer able to do your job.