What is Disability Insurance?
Disability Insurance is the industry name for a plan that provides for periodic payments of benefits when a disabled insured is unable to work. The insurance product is designed to replace anywhere from 45 to 65% of your gross income on a tax-free basis should illness keep you from earning an income in your occupation.
If you’re unable to work due to a sickness or injury, Disability Insurance can help cover your essential living expenses. It can help you pay bills like your mortgage, tuition and car payments, and help cover expenses for food, clothing and utilities. By replacing a portion of your income, Disability Insurance can help protect your financial security until you get back on your feet and return to work. It does not: Cover medical care or long-term care services.
10 Essentials of Disability Insurance
1. If you have dependents relying on your income, disability insurance is a must.
2. Providing yourself disability coverage means that a portion of your income will be compensated if you are unable to work.
3. Extended leave is more often caused by illness rather than injury.
4. Even if you are young and healthy, disability insurance is a good idea.
5. The chance of becoming disabled during your most productive years is not as low as you might expect.
6. In general, a good target portion of your after-tax income to insure is 60-80%.
7. Even if you cannot afford optimal disability coverage, it is still worthwhile to have some protection.
8. Be informed about the disability coverage provided by your employer.
9. Trust the experts
10. Know who you are buying your insurance from – reputation matters.
If you have any questions on polices or have additional questions before get a free quote, please contact our offices today.
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Oceanside, CA 92054
Email: firstname.lastname@example.org or email@example.com
CA License Number: 0C17508