No one ever expects a disability to happen to them, but disaster can strike when least expected. If you aren’t prepared, your family could suffer. Disability income insurance is designed to help you pay for everyday living expenses such as mortgage payments, utilities and other daily necessities should you become injured or disabled and unable to work. This policy will provide you with a source of replacement income.
Disability insurance comes in the form of two types of policies: short-term disability (if you will only be unable to work for a short time–six months or less) or long-term disability (when you will be incapacitated and unable to work for six months or longer).
Why do I need disability income insurance?
What would you do if you were suddenly injured and unable to work? How would you replace that lost income? Not having a disability insurance plan in place could cost you financially. Did you know that most disability claims last over a year? That is a long time to suffer a loss of income. While your income may have stopped, your financial obligations do not. For the self-employed, the need to have disability income insurance becomes critical without the option of company paid leave to fall back on.
What are the benefits to an individual/family when I have disability income insurance?
If you are disabled and unable to work, either temporarily or permanently, the replacement income benefit you will receive will provide your family with the necessities that they would otherwise have to do without. It will help you meet your financial obligations and give financial security. It is one less thing you have to worry about so you can remain focused on your recovery.
Do you have questions about disability income insurance? Let us help! We’ll be glad to go over all your insurance options.
