What would happen to you and your family if you couldn’t do your job and earn income? How would you pay bills?

Disability Income insurance provides monthly income if you can’t do your job due to an  illness or accidental injury. It protects your family, income, retirement, and assets.

Who should consider buying an individually owned disability insurance policy?

If you and/or your partner, kids, aging parents, or anyone else depend on your income to pay bills, pay off debt, maintain lifestyle, or save for retirement, then you need coverage to protect your paycheck.

There are severe financial, physical, mental, and emotional consequences if a disability occurs and you don’t have income protection.

 

Consequences when you don’t have income protection

Financial Consequences

How will you pay bills, pay off debt, save for retirement, give to charitable organizations, go on vacations, etc?

Physical Consequences

Does your spouse have to get an extra job or find a better paying job to make up for lost income? If you have kids, is your family able to care for or coordinate care for them? Will your spouse or family be able to physically provide care for you if you need assistance?

Emotional/Mental Consequences

When a disability happens, it’s extremely stressful. You want to be able to focus on getting better and not also have to worry about how you are going to provide for your family.

 

Disability Claims

Most claims for disability aren’t from on-the-job injuries, rather they’re for musculoskeletal disorders like back pain, illness, cancer, depression, and pregnancy.

Group Long-Term Disability Insurance

Some employers offer long-term disability insurance, but these benefits are taxable if premiums are paid by the employer, coverage may not be enough, and it won’t allow you to fully customize coverage.

The Bottom Line

To properly protect your family and future, consider buying disability income insurance. To get started with a quote, click here.