Make sure your income is protected if you’re too sick or injured to earn a paycheck. Start by answering a few basic questions and we’ll provide you with an instant estimated monthly cost for long term disability income insurance.
Your ability to work and earn income is likely your most valuable asset. When serious injury or illness keeps you from working, your income and lifestyle are at risk – and that risk is more substantial than most people think: 1 in 4 workers will become disabled during their working years. *Disability income insurance provides partial income so you can pay your bills if you get too sick or injured to work. Whether you have short term, long term, or individual disability insurance, all plans help protect your finances at a time when you may be in financial risk.
* Social Security Administration, June 2022.
Income is a critical component of your standard of living. Disability income insurance can offer protection for lost wages if you get too sick or injured to work. Most disability income insurance won’t cover all lost income, but it can provide enough to cover a large portion of your expenses. In general, individual disability income insurance costs between two and three percent of your salary. For example, if you earn $100,000, you’ll spend around $2,000 to $3,000 a year for coverage.
Several factors will impact how much you pay, such as your age, health history, and features of the policy such as the benefit amount, benefit period, and elimination period.
Become familiar early on with the details of your existing insurance coverage, start with those offered through your job and evaluate if it’s enough. Disability income insurance has to be obtained prior to the accident or illness, so it’s important to be aware of what protection you currently have and to understand the terms. Keep in mind, disability coverage through your employer may not be enough to help cover monthly expenses. Individual disability insurance can help fill the gap.
Once you know how much coverage (if any) is available through work, it’s time to get an online quote and then speak with a financial professional to get the comprehensive disability policy you need.