Disability Income Insurance

Disability Income insurance protects you in the case of loss of income. If you lose your ability to work, either from temporary or permanent disability, disability insurance replaces your income.

There are many different elements that make up a disability income insurance policy so it is important to understand when and how you will receive the disability income if the need arises.

Are you thinking that social security would cover you?

Think again. The benefits are limited. To determine your Social Security disability benefits and learn more about benefit eligibility visit http://www.ssa.gov/disability

Here's another helpful link:  Social Security Disability Income Benefits Guide

What about Workers Compensation?

Workers Compensation helps replace your income if you are hurt on the job.

What happens if you are hurt off the job?

What if you fall off the roof while cleaning your gutters and break both wrists?  Or tear a ligament while playing on your weekend co-ed baseball team and have to have surgery and can’t work for a few weeks? Or, you have a skiing accident?  Disability income insurance can help replace your income while you heal from the hazards of everyday life.  Illnesses such as cancer, Alzheimer's disease, Multiple Sclerosis and Arthritis can prevent you from working.  Disability income insurance can help replace your income if you are disabled due to illness too.

Your most important asset is not your home, your car, your jewelry or other possessions.  It's your ability to earn a living. Think about it:  All of your plans for the future -- from buying a home to putting your kids through college to building a retirement nest egg -- are based on the assumption you will continue to earn a paycheck until you retire.  But what would happen if those paychecks stopped?  What would become of you and your family if you suddenly became disabled and were no longer able to work? That's where disability insurance comes in.  It provides an income to you and your family if you are unable to work because of illness or injury.

Your income is typically your largest asset.  Think about how much you earn in a year and what that would be over a lifetime.  The financial consequences of a lengthy disability could literally cost you millions.  And if you are still not convinced that your income is worth insuring, think about how long you'd last without your paycheck before it would be difficult to pay for everyday expenses.  In the event of a disabling illness or injury, disability insurance provides you and your family with a source of replacement income to help make ends meet until you're able to return to work.  You don't hesitate to insure your home, car and other valuable possessions, so why wouldn't you insure something that is much more valuable than all those things?

Use this simple worksheet to assess the income needed to sustain your current standard of living should you become disabled and unable to work:  Disability Insurance Calculator

LEARN MORE ABOUT OUR TEAM:

Shane Quintana, LUTCF
Business and Estate Planning Specialist

Donna Quintana, RHU
Employee Benefits and Health Insurance Specialist

 

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The information provided herein has been obtained from sources believed to be reliable.  The Quintana Group makes no representation as to its accuracy or completeness and it should not be relied upon as such.

The Quintana Group accepts no liability for any direct or consequential loss arising from any use of this information or its contents.