Try to imagine what would happen to your life and your family if your income suddenly disappeared. If you are the only income in your household, it could be disastrous. Even if you have two incomes, in today’s economy most people need both incomes and every dollar to get by. The loss of an income due to disability would put most people in a difficult position. Disability income insurance is designed to prevent this from happening.
Keep Your Income
If you were disabled, your income would be reduced or even eliminated, depending on what kind of benefits you have at work. But your bills would not go away. If you were disabled, how would you handle your mortgage and utilities, and pay for things like groceries? The last thing you need when already dealing with the crisis of a disability is to also worry about where the money is coming from to pay your bills. This is where disability income insurance comes in.
A good disability income insurance policy will provide you with a replacement income that lets you take care of getting better and not have to worry about financial problems.
How Much Coverage You Need
The amount of disability income insurance you need depends on just how much your family needs your income to survive. If you are the sole provider of income in your family, then odds are good you need to replace that income completely and for as long as possible to avoid financial disaster. If you are one of two people providing an income, and especially if your income is supplementary, you might be able to get by with a less comprehensive policy.
For the main breadwinner in any household, a good disability income insurance policy is an absolute must. You will need to make sure that you continue to have enough money coming in to keep your home and living expenses taken care of, and to continue the life that you have worked so hard to achieve for yourself and for your family.
When it comes to choosing this type of policy, the bottom line is to consider what you would be willing to give up or live without if something were to happen to you. For most people, the answer is simple; it is better to pay a premium on a comprehensive policy than to risk losing your way of life. Take the time to talk to your insurance agent about your disability coverage, and make certain that you won’t find yourself without the income to pay your bills if you are unable to work.