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Disability insurance protects your ability to earn a paycheck.
Take a moment and think about what your life would look like without your paycheck. Would you be able to cover your bills? Could you care for your family for a month? Two months? A year? If you weren't able to work due to injury or illness, would you have enough cash to maintain your current lifestyle, pay off debt, and save for your future without depleting your current savings? If you're like 50% of Americans, you would not be able to meet your expenses after just one month without a paycheck. You may think that disabling injury or illness could not happen to you, but according to the Council for Disability Awareness, one in four workers will be disabled at some point during their career, missing three or more months of work. |
Your ability to provide a living for yourself and your family is one of your most important and unique assets. Let Topo Financial help you protect it against accident and illness with disability income insurance.
Disability income insurance is designed to close the gap in your income if you became unable to work due to injury or illness. You may be thinking, "Isn't that what worker's compensation does?" Not exactly. Worker's comp is a state-mandated insurance program that offers wage replacement and a medical benefit to employees who suffer job-related injuries or illnesses. With disability income insurance, the illness or injury you suffer does not necessarily need to be work-related in order for you to qualify for the benefit. In fact, the Council for Disability Awareness reports that 95% of disabling accidents and illnesses are not work related so workers' compensation does not apply.
Disability income insurance is designed to close the gap in your income if you became unable to work due to injury or illness. You may be thinking, "Isn't that what worker's compensation does?" Not exactly. Worker's comp is a state-mandated insurance program that offers wage replacement and a medical benefit to employees who suffer job-related injuries or illnesses. With disability income insurance, the illness or injury you suffer does not necessarily need to be work-related in order for you to qualify for the benefit. In fact, the Council for Disability Awareness reports that 95% of disabling accidents and illnesses are not work related so workers' compensation does not apply.
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How does disability income insurance work? Disability income insurance provides periodic, tax-free payments when the policyholder is unable to earn work. These benefits are paid for a predetermined number of years. This coverage can work together with any disability insurance program your employer currently offers. Be aware that most of the plans employers offers are group plans and usually only cover a portion of your income. These employer plans can be terminated at any time and for any reason. However, with an individual disability income insurance plan, your coverage moves with you even if you leave your current job or start your own business. Let us get you the answers. |
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There are many important considerations and questions to ask when looking at the best disability income insurance plan for your situation. Chief among those questions are finding out about any waiting periods before benefit payments can begin. You'll need to know if the policy covers both short and long-term disabilities. You'll want to accurately figure out how much protection you will need by looking at your annual income, monthly expenses, and reviewing any employer plans. This can get overwhelming. Let Topo Financial's licensed and trained agents get you the answers you need and help you create a plan that will give you peace of mind.