Why You Should Consider Disability Insurance

Why You Should Consider Disability Insurance

Disability insurance helps to protect you against the loss of earnings due to losing a job. There are two separate types of disability insurance: short-term insurance and long-term insurance. Short-term insurances allow you to receive payments if you are out of work due to an illness or being injured. Long-term disability insurance helps you if you are out of work for a permanent reason. Disability insurance should be considered for a multitude of reasons, keep reading below to find out more.

Obligated Debt

If you have a car, mortgage, student loan debt, or other types of debt – have you ever thought about what would happen if you lost your source of income? What may seem the biggest concern is your mortgage payment. While losing a job is enough stress, you shouldn’t have to worry about losing your house as well. Disability insurance will help to ensure you are able to make those payments and prevent you from delinquency or foreclosure.

You Have People to Take Care Of

What would your family do if you were to lose your income? Are you the head of the household? Disability insurance will help to keep your family taken care of and help you to keep the same quality of life without loss. Family is a great reason for disability insurance, especially if you have more than one person who relies on your salary to be taken care of.

You Don’t Have Emergency Savings

While short-term disability may not seem like a threat to you, there are some people who do not have any emergency money saved in the case they lose their job for a short period of time. If you do not have an emergency fund, you should consider purchasing short-term disability.

You Have a Predisposed Condition

If your mother became disabled because of a stroke, this may be a condition that could be genetically transferred to you. If you are predisposed to a condition, you may run a higher risk of needing disability insurance. Because of being predisposed to a condition, your insurance may be a little higher but you should definitely consider the purchase. If there is a high chance you may be disabled in the future, buying disability insurance is the best step you can take to ensure your future is taken care of.

If you have any further questions regarding disability insurance, Care Financial is here to help you. We want to help you take care of not only your future but the future of your family as well.

Care Financial is a privately owned and operated business providing families, individuals and businesses with comprehensive wealth management strategies. Contact us online at http://www.carefinancialonline.com or call us at 251-633-7122.

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