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Disability
Insurance
Why Disability
Income Protection Insurance?
Most of us take our health and our ability to work for granted.
We prefer not to think about what might happen if we couldn’t work.
But we need to think about it, just like we need to think about
any family financial need. For most of us, being unable work would
mean no income and it would threaten our family security and independence.
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What’s
the chance of experiencing a disability?
Consider
this: At the turn of the 21st century, thirty-three
million Americans were classified as severely disabled.1
- Three
out of every 10 workers between the ages of 25 and
65 will experience an accident or illness that keeps
them out of work for three months or longer.2
- Nearly
60% of injuries happen off the job, which means they
are not covered by Workers' Compensation.3
- More
than half of Americans live paycheck to paycheck.
1.
“Americans with Disabilities: 1997,“ U.S. Bureau of
the Census, Current Population Reports, pages 70-73,
February 2001.
2. 1985 Commissioner’s Individual Disability Table A,
Society of Actuaries.
3. National Safety Council, Injury Facts, 2002 Edition.
4. One-Quarter of U.S. Households are Wealth Poor, AmericaSaves
press release, May 13, 2003.
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There’s a lot
riding on your paycheck. That’s why disability income protection
insurance is important.
Where can
I get coverage?
Many employers provide their employees with income protection in
the form of STD (short term disability) or LTD (long term disability)
insurance coverage. If you have this type of coverage, that’s a
great start. Most employer-sponsored plans are designed to replace
50% to 70% of your income while you are disabled and can’t work.
To make sure you have adequate protection, you may want to ask your
employer about the possibility of being offered additional income
protection insurance to cover more of your income – or you may want
to look into purchasing a supplemental policy on your own through
your personal insurance agent.
Why Should
You Buy Disability Insurance?
- To protect
you and your family against the loss of your income if disabled.
- DI pays a
benefit to you in the event of your disability to replace your
income.
- Helps to
guarantee you and your family will not suffer a severe financial
hardship if you were to become disabled temporarily or permanently.
- Benefit payments
may be taxable income to you
Who Should
Buy Disability Income Insurance?
- If you are
earning an income.
- If you or
your family would be devastated by the loss of your income.
When Should
You Buy?
- Rates Increase
As You Grow Older
- More Difficult
Underwriting
- Lock in Your
Insurability
- Set up Auto
Increases As Income Increases
- 2% of Income
for Premium
Types of
Disability Income Coverage
- Short Term
- Pays
Benefit for Approximately 6 Months
- Long Term
- Pays
Benefit for 2 Years to Age 65
- Group Coverage
- Plan
Provided by an Employer
Contact
us to find out more about McGohan Brabender Financial.
All guarantees,
including death benefits, are subject to the claims paying ability
of the issuing insurance company.
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