Like most people, you may have a range of financial obligations you’re responsible for, such as rent or a mortgage, retirement savings and everyday expenses. If you become disabled, you’ll still need to fulfill your commitments and provide for your loved ones. Even if you have group long term disability income insurance through your employer, it may not be enough. Individual disability income (DI) insurance may help protect more of your income if you become too sick or injured to work for an extended period of time.
When you add up your income throughout your career, it will most likely be your single biggest asset. Without it, your ability to support yourself and your loved ones, as well as the future you envision, may be in jeopardy. With so much at stake, it’s important to help protect a portion of your income with DI insurance.
You’ve worked hard to save for retirement, so it’s critical to protect the nest egg you’ve built. Since DI insurance can help you meet your current financial obligations if you become too sick or hurt to work, you may be able to avoid tapping into your retirement savings. You may also be able to purchase a DI policy designed to help you continue saving for retirement if you become too sick or hurt to work. And while they are not a retirement plan, or a substitute for one, some DI policies may help replace an amount equal to the contributions you would have made to your retirement plan if you had not become disabled.
Your life and needs may change over time. Individual disability income insurance policies may be customizable, so you can prepare for the future. For example, you may be able to choose to add a rider to your policy that allows your coverage to grow as your salary increases. Other riders may offer income protection for your specific occupation, or during a partial disability. Graded premiums and student loan riders to prevent against student loan defaults are also popular.
For more information or to schedule a one-on-one consultation please call 563.332.2200.