Your ability to earn income is your most important asset. Without it, all of your plans could vaporize. It deserves protection.
If you were unable to work, it could literally cost you millions of dollars in lost income. Don't think so? Just multiply your current annual income by the number of years you believe you will keep working. That’s a surprisingly big number of dollars, isn’t it?
And if you couldn’t work, how long could you keep going (without a paycheck) before you could not pay the mortgage or rent, utilities, groceries, or for other necessities?
Disability income insurance pays you a monthly benefit. Currently, nearly one in three women, and one in four men, can expect to suffer a disability that will keep them out of work for at least 90 days. One in seven will be out more than five years. You have a greater chance of becoming disabled than of dying.
A sobering statistic: half of home foreclosures are due to disability.
Group long-term disability policies are set up through an employer and offer limited features and options. When the employee leaves, the overage is usually ended for that former employee.
Individual disability income policies are purchased directly by the covered individual, offer more features and options, are more flexible in design, and are portable as the insured owns the policy.
Policies are also available for business owners and partners which pay benefits to the business to cover overhead expenses and pay benefits to fund a buy-out.
If what you do is a hobby, and you do not need the income, you don’t need this insurance. However, if you need your income to pay your expenses, protection is vital.
I can help you get the coverage you need.
Call me or send an email.
- Joe Sperling, J.D.
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