Disability Insurance offers a way for people to safeguard their income and protect their families, their future and their quality of life. Unless you don’t already know, Disability Insurance is a form of coverage that can replace a portion of your income if you are unable to function because of an accident or illness. Disability insurance covers all injuries and illnesses unless specifically excluded from the policy unlike certain types of insurance that only cover a specific critical illness or accident. In addition, Disability Insurance does not limit your benefit to specific obligations such as a loan or mortgage. Disability insurance offers true income protection and offers flexibility and profit control when the most needed. Learn more about McEvoy Insurance & Financial Services.
Disability insurance can be purchased by a person in two ways: in a group environment (the form given at work) or personally. While community Disability income insurance benefits-mainly restricted medical underwriting and reduced cost-personal Disability insurance offers much more extensive coverage.
Personal Disability Insurance can and should be taken into account by anyone who relies on their income to pay bills, support a family and maintain their quality of life.
Considering personal disability insurance is even more relevant for individuals who are self-employed, company owners or even salaried employees who do not have medical coverage available for them. Only in this way can you protect your earning power effectively. Even if you obtain a Short-Term policy that provides a benefit period of 2 or 5 years, you are still better off than having no coverage at all.
Individual income compensation for disability will also be accepted for those who earn community disability coverage through employment, as well as by government workers who obtain FERS disability benefits. For certain cases workplace disability coverage do not provide you with the same level of insurance you qualify for with personal income insurance. Because of income protection shortages, individuals with group disability benefits are able to obtain personal disability protection to supplement the gaps in their group insurance plan.
An individual’s earnings are his/her most valuable financial assets. The materialistic possessions and properties that we have are all a result of our income-earning capacity. If you rely on your ability to go to work every day and bring a paycheck home then you need to look at income protection. Michael Kortz ‘s offices can help you understand your current coverage of disability, and point out where gaps may exist. Together we will put in place a strategy to shield your family from a financial catastrophe arising from a devastating injury or illness.