You may not realize it, but three in ten workers entering the work force today will become disabled before retiring.
Social Security Administration, Fact Sheet January 31, 2007.
It is traumatic enough to suffer from an injury or illness, but when you add in the fact that even a short term disability can ruin your business or practice, it compounds the trauma. That’s why just about every income earner should look into disability insurance.
Once you choose an insurance agent, there are a number of factors that affect the policy selected. The most important decision will be the amount of coverage you require.
According to Money magazine, disability insurance should cover 60 to 70 percent of a person’s income. This figure will vary, based on your individual needs, your finances, and other sources of disability coverage you might already have in place. If you have large investment portfolios available in a time of need, you may be able to get by with less coverage.
The following are important questions to ask about disability insurance policies:
What are the exclusions?
Always check your plan carefully or ask your broker about any circumstances where your claim would NOT get paid.
How long will the disability benefits and payments last?
Several short and long term benefit periods are available to evaluate
Can I work part-time?
Does your income replacement plan have a “partial” or “residual” benefit?
When will the benefit begin if I suffer a disability?
After you’re injured or become ill there’s typically a waiting period before the policy begins paying benefits. If it’s a long waiting period, you’ll need some other source of income while you wait.
Call Jeff Pennington today at 1-877-221-6198 and let him help you make the best choice for your disability insurance policy. It helps to have an expert on your side to get the best rates and policy available from the right insurance provider.
