Most of us have several important assets – our families, our health, our homes. But we often forget to protect one of the most valuable – our income. According to Harris Interactive, only a small percentage of baby boomers realize they have a one-in-three chance of becoming disabled during their working years. What happens if you become disabled and are unable to earn the money necessary to survive?
Disability can be caused by several common events, including:
• Back Injuries
• Maternity Leave
• Cancer Treatments
By purchasing disability insurance, you can replace income lost by these events, pay your bills, and concentrate on getting well. Below are three disability insurance options:
• Short-term Disability – This coverage, usually for a period between 13 and 52 weeks, supplies benefits when you are unable to work because of injury or illness.
• Long-term Disability – This coverage, usually for periods of longer than one year, supplies benefits when you are unable to work for an extended amount of time, until you can go back to work.
• Individual Disability – This coverage, usually purchased as a supplement to long-term disability, protects a higher level of income. It can also be used to cover non-traditional types of income such as bonuses and commissions.
Check with your employer to find out what kind of disability insurance your company may provide. Some companies offer group disability benefits at little or no cost to their employees.
To protect you and your loved ones, it pays to explore your disability insurance options. Contact Nefouse & Associates today to learn more.