Is Supplemental Disability Insurance Worth It?
Supplemental disability insurance provides the benefit of receiving around 80 percent of your take home pay instead of around 60 percent if you have no supplemental disability insurance.
Supplemental disability insurance provides the benefit of receiving around 80 percent of your take home pay instead of around 60 percent if you have no supplemental disability insurance.
Long-term disability insurance is income protection. If you become disabled, your medical bills may be covered by health insurance, but how about insuring your income?
The following are frequently asked questions about disability insurance. Hopefully, they will help you as you determine what type of disability insurance is best for your income protection.
You are well insured. Your house, your cars, your life are all insured. But what if the unspeakable happens? You become disabled and no longer have an income. Disability insurance helps you support yourself and your loved ones by providing income protection. Here are your options.
Even though long-term disability insurance and long-term care insurance sound like they could be similar types of insurance, they are very different. Learn the differences between them and which one may be best for your particular situation.
Disability insurance myths are pervasive. Disability myths are somewhat dangerous because they may prevent you from protecting your greatest financial asset—your ability to earn a paycheck. When you think of disability insurance, do you think about insurance that covers disability due to a relatively severe accident? Many people do. What about the chance of a disability happening to you? You are a careful person and you have a desk job. No need for disability insurance, right? Well, the preceding scenarios make up two of the larger disability insurance myths. It makes you wonder how many other disability insurance myths you believe.
Your ability to earn income is your most valuable asset. People tend to insure their property and their “things,” but frequently overlook the source that makes it possible to maintain their lifestyle—the ability to earn income. But what about disability insurance for the self-employed? Could it be extra important for them to have an income protection plan?
Disability insurance has a base policy. But they also have options that can be added to the standard policy. Optional “add-ons” to the base policy of disability insurance are called disability insurance riders. Riders allow consumers to individualize—to add optional features, which address their specific income protection needs.
Forty-six percent of adults say they either could not cover an emergency expense costing $400, or would cover it by selling something or borrowing money. This is attention-grabbing and a potential wake-up call for building an emergency fund. But an emergency fund is just the first step, financial preparedness, which includes disability awareness needs to be considered as soon as you cover your emergency funds.
Excuses. Excuses. Excuses. Do you use them when justifying not purchasing Disability Insurance? If so, here is a compilation of popular excuses, and why these excuses, once looked at a little closer end up to be largely unfounded.