A disability income policy can provide
an income if you are disabled by illness or injury and can
no longer work. When your healthy, it's hard to imagine being
disabled, but statistics show that before age 65, one in three
Americans will become disabled for 90 days or more. The average
disability absence is almost 30 months. And the worst part,
more than 80% of Americans either don't have a disability
policy or are inadequately insured.
How long can your personal savings sustain
your families lifestyle? Chances are, if you are like the
majority of Americans, you do not have enough savings to pay
your bills for an extended period. Do you think Social Security
or worker's compensation will pay your bills? To qualify for
Social Security payments, you have to be unable to work in
any type of occupation and disabilities must be expected to
last at least 12 months or end in death. Worker's compensation
only pays for injuries sustained on the job, not sickness
or off-the-job injuries. And worker's comp payments are short-term
and generally low.
The Best Defense is a Good Offense: Plan
Now for a Secure Future
That is where disability income steps in.
Disability is considered either "own occupation",
which is when you are unable to perform the duties of your
specific occupation, or "any occupation", which
means you are unable to perform any job for which you are
trained or qualified. Benefits are generally fixed monthly,
but you can purchase extra coverage or cost of living increases.
There is generally a waiting period between the time you become
disabled and when you can begin receiving benefits. Generally,
the longer the waiting period you choose, the less the policy
costs. The benefit period can range from six months to the
rest of your life, depending on the type of policy you choose.
If you would like more information
on how a disability income policy can help you, contact us