If your job has short- and long-term disability benefits, you won’t have to worry about loss of income while you are away from work. Those benefits will allow your family to support you through this difficult time without additional worries, such as paying the mortgage or putting food on the table.
However, if you are self-employed, a business owner or entrepreneur or an employee without a group plan, I would like to talk to you about planning for this very real possibility. Loss of earning income can place terrible pressures on you and your family at a time when your energy will be focused on rehabilitation and recovery. Disability income replacement is an important part of your financial planning. If you’re not sure you need this type of coverage, ask yourself:
- How long can I continue paying my monthly bills if I’m not earning an income?
- Who will support my family if I am not earning an income?
- How will my business continue to operate?
- What additional costs are associated with my disability?When you purchase disability income replacement insurance, you receive a monthly benefit to replace your income and cover all your expenses during your recovery from a disability or critical illness.
Let’s talk about disability income replacement insurance.