How Much Disability Insurance Do I Need?
Did you know that 1 in 4 people will become disabled before age 67? An astounding statistic. That in it self should be everyone’s drive to plan ahead. Disability insurance can replace a portion of your income if you’re ever too sick or injured to work some time in the near future.
Disability insurance is a type of insurance that replaces part of your income if you become disabled and can’t work. It can help you pay your bills, put food on the table, and keep your home.
The Benefits of Disability Insurance:
- It can provide you with financial security if you become disabled.
- It can help you maintain your standard of living.
- It can protect your family’s financial future.
- It can give you peace of mind knowing that you’re protected.
How Much DI Do You Need?
The amount of disability insurance you need will depend on your individual circumstances. However, a good rule of thumb is to replace 60-70% of your income.
How Much Does DI Cost?
The cost of disability insurance will vary depending on your age, health, occupation, and the amount of coverage you need. However, it’s important to remember that disability insurance is a long-term investment. And the earlier you buy it, the lower the premiums will be.
How to Get DI
There are a few different ways to get disability insurance. You can buy it through your employer, purchase it individually, or through a government program like Social Security Disability Insurance (SSDI).
Protecting your biggest asset is the key to a peaceful life. Your ability to earn a living is definitely the most valuable financial asset you have. DI can help you from unforeseen events that could to hinder your ability to work and provide for your family.
Disability insurance is an important financial protection for everyone. If you’re not sure if you need it, talk to a financial advisor. They can help you assess your individual needs and find the right policy for you.
Here are some additional things to keep in mind when considering disability insurance:
- The waiting period: This is the amount of time you have to wait after becoming disabled before your benefits start.
- The benefit period: This is the length of time you’ll receive benefits if you become disabled.
- The inflation protection: This will help your benefits keep up with rising costs.
- The cost-of-living adjustment (COLA): This will increase your benefits each year based on inflation.
It’s important to read the fine print and understand all of the terms of your disability insurance policy before you buy it. This will help you make sure that you’re getting the coverage you need. Reach out to one of our experts today and we’ll align your needs.