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May is the Month to Consider Your Disability Insurance Needs
By Michael R. Collins
May is Disability Insurance Awareness Month, making it a good time to examine your own protection against income loss if you were sick or injured and unable to work for an extended period of time. In that case, how would you and your family be able to pay your bills and continue the life you have worked so hard to create?
If you are self-employed or if your employer does not offer disability coverage, your only option is private coverage. If you have coverage through your employer, you may think you are in the clear. Before you count on that alone, though, make sure you understand both the terms and the limits of the coverage, so that you can decide if it is sufficient for the needs of you and your family.
Coverage under worker’s compensation or Social Security disability coverage also might not give you the protection you need. Work comp pays only if your injury or illness is directly related to your job, and Social Security disability requires that you be unable to do any kind of work. Disability insurance, on the other hand, can pay you if you cannot do the work you had been doing when you got sick or injured.
There is both short-term and long-term disability coverage. As the name suggests, short-term disability coverage lasts for a limited amount of time, although it also begins paying earlier in your disability than long-term coverage does. Long-term coverage takes longer to begin paying, but it pays for a longer period of time, maybe even permanently if you can never work again.
A good place to start is to sit down and figure out how much money you would need to pay your bills if you were not working. You might have emergency savings or assets that you could tap easily and quickly, but how long would those funds last? If your spouse also works, how much of the financial burden of your household could he or she shoulder alone? What would happen to your family’s security if you were unable to work for an extended period, or even forever?
We are happy to work with you to evaluate your disability coverage needs. We can help you weigh all the factors, including any coverage you already have, as well as your age, your income and your expenses. We can explain the options for coverage and help you decide on an approach that works best to protect you and your family.
You know you need life insurance to protect the people you love if you should die. But you also need to protect them if you could no longer bring home a paycheck. Disability insurance can help you provide that protection and peace of mind.
At The Bensman Group, we are happy to talk with you about disability insurance or about any other insurance or wealth management need. Contact us at 847-572-0803 or email@example.com.