If you are the victim of an unfortunate accident or illness and cannot return to work for at least several months do you know how you would…

  • Cover your monthly expenses?
  • Pay your rent or mortgage?
  • Afford groceries?
  • Contribute to your child’s college education?
  • Save for retirement?

How would you cover those costs? If you have emergency savings, how much could that cover and for how long? Does your employer provide disability coverage and if so how much would that pay for? Social Security will not provide benefits until after a five month waiting period and that disability must be expected to last for at least 12 months. If your disability is not covered by the 12 month restriction what is your plan? And if it is, can you afford to wait six months for Social Security to cover only a part of your pre-disability income?

This is where disability insurance comes into play. By acknowledging that an accident or a debilitating illness can and will happen sometime in the future we can utilize disability insurance to minimize the impact that those incidents may have on our standard of living. Disability insurance will never pay you more than you currently earn, but it can preserve the lifestyle that you currently live. By factoring in the previous questions, we can come up with a solution to minimize the risk a short or long term disability poses to your livelihood.

The possibility of a short or long term disability is even more important for small-business owners. If you as a business owner become disabled do you have a plan to cover your overhead while your recover? If you have a business partner that becomes disabled will you have the funds necessary to buy-out their share so that your hard work is preserved? Business Overhead Expense Insurance can cover those overhead expenses while you recover and a Buy-Sell Disability policy can be used to fund a buy-out of a disabled partner’s share. Both are key to preserving your lifestyle and life’s work.

Our wide network of providers give us the resources to create a customized solution to minimize the risk a disability poses to your family and way of life. Whether you are an employee, entrepreneur, contractor, or small-business owner we have you and your family covered. Feel free to contact us if you have any questions or would like to learn more.