Most of us understand no way to pay the mortgage.
But what would happen if you were suddenly disabled due to a serious accident or sudden illness? As we all know, life can be unpredictable. You probably already know someone who has experienced an unexpected disability, and you might be familiar with the challenges they faced. If not, you can imagine what would happen if you suddenly could not work any longer. Would your family be able to survive without your income? Even an income gap of just a few months could carry devastating long-term consequences.
Disability insurance was designed to replace a portion of your income, in the event that you are ever unable to work. Everything you have today – your home, car, food on the table – depends upon your ability to earn an income. In other words, you are your most valuable asset.
There are many different types of disability insurance coverage, such as short-term, long-term, and this type of insurance would carry a lower premium than a policy that offers a payout for five years.
There are various ways to structure your disability insurance policy, according to your needs and wishes. You can select options such as partial disability benefits, which pay part of your benefit amount if you are only partially disabled, or survivor benefits, which pay a lump-sum amount equal to several monthly payments if you die while you’re disabled.
As you can see, disability insurance is a complex topic, and offer the best protection for your family.