Disability Income Insurance
Where life insurance provides for your family in the event of your loss, a disability income policy protects your income. Financially providing in the event of disability or illness.
If you were to become sick or hurt and lose your ability to earn a living, how would you pay your bills? One way to help protect yourself in the event of a disability is to purchase an individual disability income insurance policy. Disability income insurance provides a benefit to replace a percentage of your income, in the event of a qualifying disability.
Who Needs Disability Income Insurance?
Although many people understand that an unexpected accident or illness could affect their ability to earn income, they are unprepared for a sudden, permanent disability that could decimate a lifetime of savings and cut off income altogether.
Disability Income Insurance: Solidifying Your Future
Protect the MVP from a Disability
You may be your business’s most valuable player (MVP). Therefore, proper measures should be taken to protect both your income and your business should you suffer a disability. Disability income insurance offers protection against an accident or health crisis that limits your ability to earn income. Depending on your income, coverage may replace 45% to 75% of your pre-disability earnings.
Disability-Proof Your Business
Business owners, who typically take great care to protect their businesses in the event of death, may, in fact, face a greater threat from disability. Along with addressing life insurance concerns through buy-sell agreements, business owners should also address the problems a lengthy disability can present.
Protect Your Business against a Disability
While many business owners understand the need for life insurance coverage, they often overlook the potential risk associated with a disability. A lack of awareness about the possibility of sustaining a disability or being diagnosed with a serious illness leaves many business owners, as well as their businesses and their families, vulnerable to financial risk. According to the Insurance Information Institute (2013), 43% of all people age 40 will have a long-term disability event (lasting 90 days or more) by age 65.
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Advisory Services offered through Samra Wealth Management, a Member of Advisory Services Network, LLC. Insurance products offered through Samra Insurance. Advisory Services Network, LLC and Samra Insurance are not affiliated. Mr. Samra is a licensed insurance agent, offering insurance products and services of unaffiliated insurance companies through Samra Insurance. If you purchase insurance products and services through Mr. Samra as an insurance agent, Mr. Samra may receive commissions or other compensation.
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