Your ability to earn income is likely your biggest asset, so what would you do if you lost that ability? According to the Social Security Administration, almost one-third of Americans entering the work force will become disabled before they retire and over 51 million Americans classify themselves as fully or partially disabled.
If you became disabled, could you continue to pay your bills, credit card payments, car payments, mortgage, health insurance, and other costs? How long would your savings last? Would you still be able to retire when you planned or send you children to college? What happens to your bonus compensation and retirement contributions? Could you keep paying the overhead expenses if you own a business?
Most disabilities are not work related and therefore not covered by worker’s compensation and many Social Security disability claims are denied. Even if you are approved for Social Security, the payments will probably be significantly less than you earn.
Disability insurance can protect you from losing your income and is one of the most important types of insurance you can buy, especially for business owners, key employees, physicians, attorneys, and anyone who has family that depends on their ability to provide income. When disability payments are triggered, they are paid as tax-free income as long as you paid the premiums with your after-tax dollars.
Please feel free to explore the menu to the right side of the page, or the drop-down menu at the top of the page for more information on what to look for in a disability contract.
If you have any questions about disability insurance or would like a personalized quote, give us a call at 1-800-571-2980 from 9 AM to 9 PM eastern time or send us an e-mail at Info@terminsurancebrokers.com 24 hours a day. You can also complete the short form below. Due to the number of factors involved in quoting disability insurance, online instant quotes are not available.