Finances are among one of the most important aspects when it comes to retaining our assets. Disability insurance is also considered a form of an asset because, without it, there is no guaranteed income. In addition, not having enough income to cover your bills can be debilitating. So the question then becomes, “Are you underestimating your need for disability insurance?”. This question along with other factors hold the statement to be true and we discuss it here.
Waiting far too long
Disability insurance is not just for the elderly. In fact, the younger generation is also prone to chronic illnesses outside of accidents. The longer you wait, the older you will get and the higher your risk is of getting an illness or being involved in an accident in the future, resulting in more money going into paying your premium. Your elimination period may also be affected if you choose a longer elimination term meaning your chances of losing out on income will increase as will your insurance price. You are better off getting a short-term disability insurance policy or signing up through your employer-paid insurance rather than risking it and receiving no income coverage at all.
Occupational risks and career changes
The type of occupation you have will help determine how much you really need disability insurance. For example, working in labor-intensive jobs such as construction or carpentry may heighten the risk of getting physically injured and therefore may have a limited number of years to receive benefits. Nonetheless, you should consider disability insurance even if you work in a corporate setting as chronic illnesses such as cancer or diabetes are also a concern that may require treatment. Something else to keep in mind is possible career or job field changes. If you decide to switch employers, your disability insurance will end as well. To ensure you have continued and customizable coverage, you should sign-up through a privately owned disability insurance company.
Another factor to consider if you are questioning if you need disability insurance is the fact that you may only need a policy that does a partial payout if you become partially disabled. Again, this policy is possible through individual insurance plans as they allow you to continue to work as you recover while still receiving a check to replace a percentage of your salary. Depending on how bad the injury or illness is and if your occupation allows it, you can still make efforts to continue work on your employer’s end without risking any pay that would not otherwise be possible through disability insurance.
To enroll in a disability insurance plan for short-term or long-term policies, contact us online at www.carefinancialonline.com or call us at 251-633-7122. Care Financial is a privately owned and operated business providing families, individuals and businesses with comprehensive wealth management strategies.