Disability insurance helps pay for everything else while you can’t work.  It is designed to protect your income in the event you are unable to work due to a disability.  It is insurance that’s designed to protect your income and thus your standard of living.  It will provide monthly payments to help you meet your daily living expenses.  Disability insurance can help preserve your standard of living and help ensure your future.

Disability insurance can help prevent such medical disasters from becoming financial disasters.  It can be an affordable way to help protect your assets in the event of a disability.  It can protect your assets if you become injured or ill and could not work.  It can be an affordable alternative — an alternative many people can’t afford to be without.  Disability insurance is needed by just about anyone who earns an income.

Disability insurance is achieved through an asset-tested disability system.  It is particularly important if you own a small business.  It is an important addition to you business risk management plan.  It is also available through workers compensation programs and private insurers.  Disability insurance is one of the most undervalued types of insurance.

Disability insurance can have an important role in making sure you will have the ability to remain financially afloat if a disabling illness or injury were to occur.  It has a time limit on how long an employee will be paid for their time off.

Disability insurance generally comes in two forms: short-term and long-term. Short-term coverage will usually cover an absence for up to six months, while long-term will provide coverage for a much longer period of time. Long-term plans can be designed to provide benefits for a couple of years or all the way to retirement age. Properly structured policies will usually provide 50 – 60% of an individuals earned income.

Most people think disability insurance is “too expensive” or “costs too much.” But, the fact is the average annual cost of a policy is one to three percent of an individuals earned income. The longer you wait to obtain coverage the more expensive the premiums will be. In addition, by putting off the decision to purchase disability insurance you run the risk of not being eligible for coverage or having a coverage rider excluding pre-existing conditions.

As the month a May continues taking a moment to considering your disability insurance needs, whether you have a policy or not. IF you do have a policy, ask yourself if anything has changed since it was purchased. Has your income increased? Have you changed occupations? If you haven’t purchased disability insurance consider evaluating a policy. It may be less expensive than you think…

By now you have likely heard all of the statistics or have a personal experience with a disabling event. The point is, disabilities do occur, and when they do the financial impact it can have on individuals life and lifestyle can be detrimental, not to mention the emotional impact it can have on the individual and their family. The single largest problem in the disability insurance marketplace is most people don’t really know what type of coverage they have, and typically they don’t find out until they need to receive benefits from the policy. This is why it is important to work with a group that specializes in this area.

For most people the income we earn is what makes our lifestyle possible – from the home we live in to the car we drive to a child’s education – it’s all dependent on our ability to work. Take a minute and consider what changes would occur in your life if you were suddenly unable to work. The possibilities in terms of what could happen are endless. Take the first step and talk to a Disability Insurance Expert today.