Disability insurance gives people a way to save, income, and protect your family, your future and life. If you do not already know, disability insurance is a type of reporting that a percentage of income replaced if you can not work due to injury or illness. Unlike other similar types of insurance that covers only a specific illness or injury, disability insurance covers all injuries and illnesses, if not expressly excluded by your policy. Moreover, the benefits of the disability is not limited to the specific commitments, such as a mortgage or loan. Disability insurance provides income protection and offers true flexibility and control services when they are needed most.
A person can obtain Disability insurance in two ways: through a group setting (the type provided at work) or on an individual basis. Although there are some benefits to group Disability income insurance - primarily the limited medical underwriting and lower cost - personal Disability insurance provides much more comprehensive coverage.
Personal disability Income insurance can and should be considered by anyone who depends on their income to pay bills, support a family and maintain their quality of life.
For people who are self-employed, business owners or even salaried workers, but do not have Disability benefits provided for them, it is even more important to consider Personal Disability insurance. It is the only way that you can effectively protect your earning power. Even if you obtain a Short-Term policy that provides a 2 or 5-year benefit period, you are still better off than not having any coverage at all.
Personal disability income insurance should even be considered by those who are provided group disability coverage through work, as well as Federal employees who are provided FERS Disability benefits. In many cases group disability benefits will not provide you as much insurance as you qualify for with personal disability income insurance. Due to the shortage in income protection, people who have group disability benefits provided are able to obtain personal disability protection to supplement the gaps that exist in their group insurance plan.
A person's income is his/her most valuable financial asset. The materialistic possessions and assets we have are all a product of our ability to earn an income. If you depend on your ability to go to work every day and bring home a paycheck, then income protection is something that you need to look into. The offices of Michael Kortz can assist you in understanding your current disability coverage and point out where there may be gaps. Together we can put a plan in place to protect your family from incurring a financial disaster caused by a debilitating injury or illness.