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| Disability Insurance |
Disability Insurance - You Need It. When a person becomes disabled and unable to work, in most cases their income will stop. It might be sooner or later, but, day-to-day life continues and household living expenses continue to add up.
The basis for disability income insurance is simple.
The policyholder is able to continue a part of their lost income while unable to work. people don't think that this type of insurance is available, because statistics show that people care more about life insurance than they do about disability insurance (disability insurance and disability income insurance are the same).
It has been said that a person's most valuable asset is their ability to make an income. Although that statement is debatable, it does have some merit. In most cases, during the "working years," it is more probable that a person will become disabled than die. It is a good idea to look into protecting your income.
Disability income insurance is available
but more often it is offered as a "perk" in an employer group benefits package. I recommend at least consideration.
Self-employed professionals are the owners of individual policies. Individual policies provide benefits that are related to the income of the insured (usually based on after-tax income). Generally, it is up to 60% of monthly net income and there is usually a cap on the amount. Coverage may be hard to get for individuals depending on the person's occupation.
When included as part of an employee group benefits package, disability income policies are usually more flexible than individual plans as far as limitations and exclusions. It is quite a bit easier to get coverage. enough, the cost is cheaper for a group policy. Although the benefit amount paid may be less than the individual plan.
Disability income protection
Should be a building block of your entire financial planning. This CAN NOT be stressed enough because it relates to your family finances. , it doesn't matter what your situation is, disability is one of the most important factors when you consider a possible inability to work and produce income.
I know I sound like I am trying to sell you disability insurance (I'm not though, I am concerned about the financial success of all Americans). Ask these questions.
Do you ski?
Do you go boating?
Do you play any sport?
Do you work out?
Do you walk upstairs?
Do you drive a car, truck, or motorcycle?
Do any of those activities have any possibility of you getting injured?
Yes!
Ok, then...
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