Disability Insurance: More Important than Life Insurance?

Disability Insurance: More Important than Life Insurance?

Imagine the two scenarios below and think about your current situation.  Which would be more troubling?
Scenario 1:  The primary income provider in a household passes away leaving behind a wife and two young children.  He or she had a life insurance policy with a face value of $250,000 that paid the primary beneficiary after the death.

Scenario 2:  The primary income provider in a household became disabled and was unable to work. 
The spouse also worked but the income was supplemental to the primary income.  It wasn’t enough to pay the bills that came in each month.  The primary income provider didn’t have any disability insurance in place at the time of the disability.

If you consider your situation, which scenario would be the scariest for your family?  I know what my answer would be; number 2.  While both types of insurance are important, most folks only think of providing for their families after they are gone.  Sure, everyone wants to leave their families in a position to pay their bills after their death but what happens to the family if the bread-winner can’t provide for the family due to some type of accident or illness? This type of situation can leave a family destitute or struggling to make ends meet.  Just because you aren't able to work doesn't mean that the mortgage or utility bills stop coming.

Long and Short Term disability insurance policies are products designed for these types of situations.  For illnesses or accidents resulting in a disability ranging in time from 7 days to 6 months, you can take out a Short-Term Disability policy.  For illnesses and accidents resulting in a disability ranging from 6 months and longer, Long-Term Disability is the way to go.  A combination of both types of policies are recommended to help curb premium costs and provide coverage for you during these unexpected times.  The benefit you receive from these policies may not cover every bill you incur but it will make it easier to make up the difference than if you had no money coming in at all.  If nothing else, it will give you peace of mind that you can continue to live even when hardships arise.

Give us a call for more information regarding Long and Short Term disability.

813-964-7100

Or Visit our website for a quote:http://www.mintcofinancial.com/quotes/disability-coverage-quote/

Remember, the time to buy insurance is not when you need it most.

Disability Insurance: Why you may need one.

Do I need disability insurance?

Get a free quote Email us: anecamara@mintcofinancial.com

Most people do not realize that their biggest asset is not their house or retirement savings; it is their ability to earn a paycheck.  You insure your home against fire and other disasters.  But most people do not insure their earning capacity.  Some employers are required to carry workers' compensation insurance, which pays for injuries received on the job.  But if your disability is not related to your job, your only disability insurance is Social Security Disability, which pays only for total long-term disabilities and does not kick in until the sixth month after your disability began.  Private disability insurance can be short-term or long-term.  Short-term policies cover at least a portion of the Social Security waiting period.  Long-term policies usually provide coverage for partial as well as total disability.  Generally, the younger you are, the more you need disability insurance, unless you have sufficient savings or investments to live on if you cannot work.  You can buy private disability insurance and pay for it yourself or negotiate with your employer to pay for it, or at least for a portion of it.

How does disability insurance work?

Get a free quote email us:anecamara@mintcofinancial.com

When an insured becomes unable to work, and after the waiting period stipulated in the policy, the insurer makes periodic payments to an insured that represent a percentage of his or her working income.  Often that figure is 60 percent.  Short-term disability insurance covers periods from two weeks to two years, while long-term disability insurance usually will pay for up to five years or until age 65.  Special policies continue contributions to retirement plans.  Some policies include future cost-of-living adjustments.  The policies might also be noncancellable and might have a guaranteed right to renew or purchase additional coverage.  Be sure to look at the policy's definition of "disabled."  Does it mean total disability or does it include partial disability?  Does it mean that you cannot work at any job or that you are prevented from working in your own occupation?  These terms are all negotiable at the time you purchase the insurance, but they cannot be changed later on, after you are disabled.

If you have any questions please do not hesitate to call us:

Florida: 813-964-7100
New York : 716-565-1300
Nationwide: 1-888-MINTCO-8

www.MintcoFinancial.com
Email: anecamara@mintcofinancial.com