I know, it's a somber topic, but one of the reasons I decided to get back into insurance is disability income insurance. It's heartbreaking to hear some of the stories and can be a "hard sell"... meaning most will listen but very few will actually spend the money on a disability income policy.
I get it, it's one more thing to pay for and it's not a fun thing to spend money on, however if you or your spouse are disabled, what would your household look like? Depending on how severe the disability, it could change your lives, forever.
Think about disability insurance as insuring your paycheck.
So what exactly is a disability income insurance and how does it work? Disability insurance provides partial income so you can pay your bills if you get too sick or injured to work. More disabilities are caused by illness than injury, including common conditions like heart disease and arthritis.
A short-term policy helps you immediately after an incident, and a long-term policy helps provide financial protection for disabilities that can last for years.*
Speaking to small business owners; this is an absolute MUST to have in place. Please reach out and we can start the conversation, there are a few options for how we can structure the policy to help fit your budget.
"OK Mindy, I hear you... but how much does it cost?" Well, it depends. Disability income insurance is based on your occupation. So depending on how risky your occupation is - and your lifestyle - puts some weight into the premium. I do know that the sooner you get it the better as just like with life insurance the older you get, the more it will cost.
"I have a disability policy at work, so I'm all set". Did you know that if you were to lose your job or leave your job, you won't have that policy anymore? What about coverages, do you know exactly how much that policy will pay and when the benefits will start?
Having an insurance advisor to do a deep dive into your short and long term disability policies as well as supplemental disability polices is a good idea, especially at a life event change.
I would be grateful for the opportunity to look at what you have currently and see if I can help supplement at all. This won't cost you a thing to have me look for gaps in coverages for any of your polices - even auto and home.
If this article made you question what you have in coverages, please reach out to us by phone, email or even book a consultation with me.
*The Guardian Insurance
