Cover Your Income Needs with Disability Insurance
What would the sudden loss of your income mean for you and your family? The ability to make a living is your most valuable asset, not your house or car. Therefore, you need to protect this asset with disability insurance in the event you become unable to work for an extended period because of an illness or injury.
A disability refers to any continuing condition that restricts everyday activities. How much of your income would you need to replace to maintain your lifestyle if you became disabled and couldn’t work? Disability income insurance pays a percentage of an insured person’s income. This insurance is not only important to you, but also to the people who rely on your income to live. If you’re completely disabled due to sickness or injury and can’t work, disability insurance can provide funds to help pay your mortgage or rent, car loans, and other monthly expenses.
There are two main types of disability insurance—short-term and long-term coverage.
Both types replace a portion of your monthly base salary during disability. Disability policies vary in how they define “disabled.” Some policies pay out only if you can’t work any job for which you’re qualified. Others could pay out if you can’t perform a job in your occupation. There are some that will cover partial disability, which means they pay a portion of the benefit if you can work part-time. Others pay only if you can’t work at all.
Factors that determine the cost and coverage of disability insurance:
- Your age and health
- Your gender
- If you’re a smoker (then you might pay more for coverage)
- Occupation (high-risk jobs can cost you more)
- Type of disability covered (if you could work at a different job with your injury or a policy that covers you only if you can’t work at all)
- Length of waiting period (also known as the elimination period)
- Your income (the more income you protect, the more expensive)
- Length of benefits (longer periods mean larger premiums)
If you heavily rely on your paycheck each month to pay your bills, then you really should have this coverage. Let the expert team at Dan Thompson Agency determine exactly what you will need to keep your bills paid and your family free of tremendous burden.
Cover Your Income Needs with Disability Insurance
What would the sudden loss of your income mean for you and your family? The ability to make a living is your most valuable asset, not your house or car. Therefore, you need to protect this asset with disability insurance in the event you become unable to work for an extended period because of an illness or injury.
A disability refers to any continuing condition that restricts everyday activities. How much of your income would you need to replace to maintain your lifestyle if you became disabled and couldn’t work? Disability income insurance pays a percentage of an insured person’s income. This insurance is not only important to you, but also to the people who rely on your income to live. If you’re completely disabled due to sickness or injury and can’t work, disability insurance can provide funds to help pay your mortgage or rent, car loans, and other monthly expenses.
There are two main types of disability insurance—short-term and long-term coverage.
Both types replace a portion of your monthly base salary during disability. Disability policies vary in how they define “disabled.” Some policies pay out only if you can’t work any job for which you’re qualified. Others could pay out if you can’t perform a job in your occupation. There are some that will cover partial disability, which means they pay a portion of the benefit if you can work part-time. Others pay only if you can’t work at all.
Factors that determine the cost and coverage of disability insurance:
- Your age and health
- Your gender
- If you’re a smoker (then you might pay more for coverage)
- Occupation (high-risk jobs can cost you more)
- Type of disability covered (if you could work at a different job with your injury or a policy that covers you only if you can’t work at all)
- Length of waiting period (also known as the elimination period)
- Your income (the more income you protect, the more expensive)
- Length of benefits (longer periods mean larger premiums)
If you heavily rely on your paycheck each month to pay your bills, then you really should have this coverage. Let the expert team at Dan Thompson Agency determine exactly what you will need to keep your bills paid and your family free of tremendous burden.