Disability Insurance

What would going 6, 12, or 24 months without a paycheck because of illness or injury look like to you?

You have many types of insurance.  You insure your car, your home, your health, your life.  You may have even insured your last computer or TV with some sort of protection plan.  What about insuring your paycheck? Have you ever taken time off work due to an illness, injury, or health related procedure only to return to work too soon because you needed the money?  Was it work or workplace stress that made you sick or worsened your condition in the first place? Even people as young as their 20’s have a 1 in 4 chance of going 90 days or more unable to work due to injury or illness before they reach the age of 65.  If you are injured or become sick physically or mentally and are unable to work, how are you going to pay your bills? If you are a business owner, how are you going to keep the doors open and the lights on without a business expense plan? How are you going to cover the premiums on the rest of your insurance policies?  

Some people cite cost as a concern or they simply don’t want to think about it.  Perhaps they don’t think anything will happen to them and they are willing to risk it.  Ignorance is only bliss until reality sneaks up and slaps you upside the head. Several insurance carriers offer Return of Premium riders that will refund your entire premium should you keep your policy in force and reach 65 without needing to use it.  This means that either you get paid by the insurance company if you file a claim, or you get all your money back if you don’t. It’s a good way to protect your income for your working years while squirreling away some extra money you can use in retirement.  Applying for a DI policy sooner than later while you are healthy will go a long way in getting the policy itself placed in force, reducing costs of the policy, and minimizing or eliminating exclusions to coverage (you may not get covered for an illness or disability you already have nor many things that could come up later related to it).

Let us help you evaluate your risk and show you how to mitigate it.  You never know when your financial wellbeing (or your family and loved ones) will depend on it.