Disability income insurance gives you peace of mind that if you experience a disability, you can continue to receive value equal to your income. A disability can happen to people of any age. Most people think a disability comes results from an accident, but 90% of disabilities are caused by illness.
Frequent Causes of Disability
- Joint, muscle and tendon disorders are the number 1 cause of disabilities.
- Illnesses like cancer, heart disease and diabetes account for the majority of long-term disabilities.
- 43% of all 40 year olds will have a long-term disability event before the age of 65.
- Over 37 million American are classified as disabled, about 21% of the population.
A disability can be temporary or permanent and if you become disabled, typically you cannot work or may not be able to work as many hours as before your disability. This directly impacts your income and ability to maintain your lifestyle.
Your health insurance may pay most of your medical costs, but your fixed costs stay the same. This means you are still responsible for rent, utilities, insurance, food, and gas even if you don’t have a paycheck coming in.
Disability Income Insurance – for Peace of Mind
Disability income insurance can provide you with a portion of your income to help you pay your fixed costs. There are several options for Disability Income; you can either get a percentage of your income, or a lump sum. These policies are subject to medical underwriting.
Most Disability Income Insurance will end at age 62-65. At this point you are eligible for Social Security.
Disability Income factors include your occupation and your salary. It can also be based on your level of disability and the estimated length of time before you can return to work. Some policies pay if you can’t do your OWN occupation, some pay only if you can’t perform ANY occupation. For example, if you worked in a warehouse and now can’t lift things, you can’t do your own occupation, but you could still perform data entry at a desk. Depending on your policy, that type of situation could determine if you are eligible for your benefits or not.
If you are concerned about providing for your family and how to pay your bills if you become disabled and unable to work, disability income protection might be the answer.
Ask us. We can help you find the coverage that not only fits your budget, but fits your needs.