Accidents can happen, make sure you’re prepared.
Your most valuable asset isn’t your house, car, or boat; it’s your ability to maintain a career and earn a paycheck. Unfortunately, when an accident or illness takes hold, it can threaten your career and the disability could lead you to financial ruin. Disability Insurance is around to help you maintain a secure and happy lifestyle in the case of an illness or injury that could affect your ability to work and earn a paycheck. Securing disability insurance coverage is a significant part of a well-designed financial plan.
If you’re young and healthy, you may not think that you need disability insurance. But according to the Social Security Administration, more than one in four 20-year-olds will experience a disability for 90 days or more before they reach the age of sixty-seven. So, you could miss weeks, months, or even years of work well before retirement, all due to an illness or injury. It is important to note that employers do not offer long-term disability insurance. Having disability insurance means you can continue to pay your bills on time even if an accident or illness causes you to go months without a paycheck. We think of disability insurance as instant savings for a worst-case scenario. Understanding how disability insurance can protect you is key to planning for your future. There are two different forms of disability insurance coverage: short-term and long-term coverage.
- This coverage replaces between 60% to 70% of your base salary.
- Depending on the policy, this coverage can pay out for a few months or up to one year.
- There may be a short waiting period – after you’ve become disabled – before you can receive benefits.
- This coverage replaces between 40% to 60% of your base salary.
- These benefits end when the disability ends. If the disability continues, benefits end after a certain number of years or at retirement age.
- Benefits are typically paid 90 days after you have become disabled.
Your disability plan should be both comprehensive and custom-designed. It should provide you with strategies to withstand both a short- and long-term disability. This type of plan can only be developed through detailed analysis and comprehensive research of insurance carrier offerings. We are committed to providing you with the plan you deserve by doing our part to ensure that you have the coverage that you need.