Your income allows you to maintain your standard of living, pay bills, save for the future and enjoy life’s simple pleasures. In short, it provides the foundation for life as you know it. But what if you couldn’t work to earn your income? Disability income Insurance (DI) also known as paycheck protection can provide a monthly benefit to help you pay your basic expenses should you become sick or injured and can't work due to a Totally or Partially Disability.
More than a quarter of today’s 20 year olds will become disabled, according to the Social Security Administration (SSA). It does not have to be a freak injury that prevents you from working – back injuries, cancer, heart disease or other illnesses are the majority of the reasons for long-term absences.
Are you prepared if you can't work due to a long-term disability? The average long-term disability last 2 1/2 years; do you have the emergency savings to survive that long without an income? If not, you need to make sure you have disability insurance.
Individual disability insurance offers multiple options for coverage, and a policy can be tailored to your needs. Since individual disability insurance policies are paid with after tax dollars, you don’t pay taxes on the benefits you receive.