You probably know that life insurance will protect your family from the unfortunate death of a loved one. Have
you thought about what would happen if something catastrophic were to happen that did not involve a death? For example, what about an accident that makes it impossible for you or your spouse to work for six months, a year, or even a lifetime? Life insurance won’t be able to help in that situation. Disability income coverage, on the other hand, can.
Disability income insurance protects you by providing a monthly benefit to ensure your bills don’t go unpaid. Considering the numerous monthly expenses we all have nowadays, it’s not unreasonable that a family would go through all of its savings within a couple months, if not sooner, if someone became disabled.
Some may think that Social Security or a workers’ compensation policy will be there to help. Don’t be so sure! A workers’ comp policy will pay a benefit only if you are injured on the job. Social Security does offer disability coverage, but the vast majority of applicants are denied, and those that are approved may be surprised by how little they receive.
A disability income insurance policy will pay you regardless of whether you’re injured on or off the job, and
the amount is determined by you when you purchase the policy. Don’t underestimate the biggest asset you have:
your earning potential.