Planning ahead
While you can’t predict when an injury will happen or an illness will develop, you can be prepared for it. Disability insurance will help bridge the income gap caused by your loss of salary when you’re unable to work. Disability insurance offers cost-effective coverage that’s also highly flexible, allowing you to specify the waiting period, the benefit period, and the amount of benefit.
The disability insurance offered by employers in many benefits packages typically isn’t enough to replace your income if you’re unable to work. And its benefit period is probably shorter than you’d like. You should speak to a Guardian Financial Representative to assess your current level of coverage and determine whether you need to supplement it with your own disability insurance policy.
If you’ve experienced injury or illness
Recovering from an injury or illness should be your first priority. Yet you can’t afford to ignore the financial realities of your situation. Fortunately, a Guardian Financial Representative can relieve you of some of that burden.
- If you have disability insurance, a Guardian Financial Representative will help design a strategy for putting your new income stream to the best possible use. This may involve reinvesting it, funding additional insurance products, or simply coming up with a sound budget.
- If you don’t have disability insurance, a Guardian Financial Representative can help you find other means to replace your lost income, as well as put any existing assets — like savings, insurance, and investments — to use in covering your living expenses. He or she can also help you establish a budget to preserve your assets as well as give you insight into any government or charitable assistance you may be eligible for.
