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Disability Income Insurance
Disability Income Insurance
Your income is one of your most valuable assets. It allows you to maintain your standard of living, pay bills, save for the future and enjoy life’s simple pleasures. In short, your income provides the foundation for life as you know it. Have you considered what would happen if you couldn’t work to earn your income?
Your everyday life and future plans could quickly be affected should you experience an income-interrupting illness or injury and become unable to work. Many assume there is already a fallback plan to protect their income, but often discover too late that may not be the case.
Disability income insurance (DI) can help by providing a monthly benefit you can use to pay your basic expenses, such as your mortgage, utilities and groceries, in the event of a covered disability.
According to most data, the chance of becoming disabled at some point in your life is significantly higher than the chance of dying before reaching retirement age, with some studies indicating that people are
up to 3.5 times more likely to become disabled than to die in a given year; meaning the probability of becoming disabled is considerably greater than the probability of death.
Key points:
Statistics:
- Based on Social Security Administration data, a 20-year-old worker has around a 25% chance of becoming disabled before retirement, compared to an 8% chance of dying within the same timeframe.
Misperception:
- Many people underestimate the likelihood of becoming disabled and overestimate the risk of death, leading to a lack of preparedness for potential disability.
Factors impacting disability risk:
- Age, occupation, health conditions, and lifestyle choices can all influence the probability of experiencing a disability
Many people are unfamiliar with DI and don’t know where to start when exploring a policy that will fit their needs. Terms such as “benefit period” and “elimination period” can be intimidating at first, but answering these 3 questions can help make it easier to understand your DI options and will assist you and your agent to design the right DI plan for you:
How much do you need to cover your basic monthly expenses?
This is your “benefit amount.”
How long might you need DI benefits to last?
This is your “benefit period.”
How long could you go without a paycheck?
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Availability of benefits and plans varies by carrier and location and may be limited to certain times of the year unless you qualify for a Special Enrollment Period. I do not offer every plan available in your area. Currently I represent 12 organizations (insurance companies) which offer 53 products in this area. Please contact Medicare.gov or 1-800-MEDICARE, or your local State Health Insurance Program (SHIP) to get information on all of your options.