Essential Paycheck Protection
Stop and think. How long could you sustain your present lifestyle if your paycheck stopped? If you’re like most Americans, your answer is probably “six months or less.” So why haven’t you secured paycheck protection? Most Americans insure their homes and their vehicles, but forget to insure their paychecks. Yet, without a paycheck, homes, vehicles and other basic elements of living become unaffordable. Likewise, many Americans remember to buy life insurance to provide for their loved ones in the event of death, but they forget to secure DI coverage to provide for their loved ones in the event of disability. These are critical financial planning mistakes.
How it works:
Simply put, individual disability insurance protects your income. An individual DI policy pays a percentage of your salary, according to policy guidelines, if you become disabled. Disability insurance policies are customized to meet your needs. You choose:
- The amount of coverage (The percentage of your income that the policy will pay)
- The length of coverage (How long benefits will continue)
- The elimination (waiting) period (How soon benefits will start)
This coverage is essential if your employer does not offer disability insurance. Employer-provided plans are often limited and they usually don’t travel with you when you change jobs. Therefore, it’s also smart to secure individual protection to supplement any coverage that you receive at work.
Did you know…
One in eight people suffer disability each year?
Disability is the leading cause of personal bankruptcy and foreclosure?
75 percent of disabilities are caused by illnesses, such as cancer or heart disease, rather than accidents?
Don’t make the most common and critical mistake in financial planning! Now that you know the facts, can you afford to go without DI protection?
What Risks Will Disability Income Insurance Accept?
White collar
Blue/gray collar
Physicians and surgeons
High-risk occupations
Previously declined
Single case to large multi-life
Simplified issue underwriting
Return of premium riders
Association discount programs
Professional athletes or entertainers
Self employed
