Replace Income in the Case of Severe Illness or Injury
The U.S. economy is going through its most challenging period in decades. With recent economic turbulence, stock market woes, fluctuating gas prices, a widespread credit crunch and housing market slump, people are relying on their paychecks more than ever before. What would you do if your income was taken away? An injury or illness can happen at any time – are you prepared?
Think about it: From paying your mortgage to putting your kids through college and building a retirement nest egg, all of your plans for the future are based on the assumption you will continue to earn a paycheck until you retire. But what would happen if those paychecks stopped?
In the event that you are unable to continue working due to injury or illness, this can provide you with income to help you maintain your family’s standard of living. This check will help you continue paying living expenses such as rent, mortgage, car payment, food, insurance, utilities, medical expenses and more.
There are several sources beyond individual disability insurance (IDI) available such as Social Security Disability Insurance and workplace disability benefits. However, SSDI is designed for disabilities expected to last 12 months or end in death. Workplace disability insurance may only cover part of your income, generally 50-60%. An individual disability insurance policy is customizable based on your occupation, income needs and can supplement your group DI policy provided as an employee benefit.