If a disabling illness or injury suddenly made it impossible for you to work, how would you pay your bills?
No one likes to think about becoming disabled, but the truth is we are all vulnerable. An unexpected sickness or accident could happen at any time.
Disability – either permanent or temporary – poses a real risk if, like most people, your lifestyle depends upon your continued ability to bring home a paycheck.
Disability insurance replaces a portion of your income in the event you become disabled and unable to work. It provides peace of mind that if the unexpected occurs, you will still have an income stream.
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When you consider buying disability insurance, think about what would happen if your income suddenly stopped because of a disabling illness or accident, and then tailor your plan to meet your specific needs.
Ask yourself the following questions:
How much money would I need to maintain my current standard of living?
Compare your monthly expenses to the amount of income you could expect to receive from sources other than your own salary.
Consider expenses like mortgage/rent, household expenses, child-related expenses, debt, entertainment, etc. Alternate sources of income may include things like spouse’s income, rental or investment income, group disability benefits, etc.
How soon would I need coverage to begin?
Disability plans begin paying benefits only after an elimination period – expressed as a number of calendar days. Consider how long you could manage your expenses before benefits kick in.
How long would I want benefits to be paid?
This is known as a benefit period and begins after the elimination period is satisfied.
The best disability insurance for you will depend on your specific situation. Our licensed agents are available to help you choose the right plan.