We all rely on our regular income for our current monthly living expenses as well as our future obligations and retirement. But imagine that you are injured or seriously ill and can no longer work. How are you going to replace your lost income? Disability insurance can replace a significant portion of your income during the time in which you are unable to work. After all, your most important asset is your ability to earn a living.
There are two primary forms of disability insurance.
Short Term Disability Insurance will provide you with payments in the event that you are out of work for a limited period of time due to injury or illness.
Long Term Disability Insurance will continue to pay you if an illness or injury removes you from the workforce completely or under some circumstances, leaves you unable to work in your profession or occupation.
At Hurley Associates, we realize how vital it is to protect you and your family against severe financial hardship. We not only work with you to determine what your needs are, but we develop a long term relationship with you that enables us to guide you as you make decisions regarding protecting your other assets.
Five Reasons to protect your Income with a Personal Disability Insurance Policy
- Maintain your current lifestyle. When you suffer a disability, your income may decrease or in some cases, completely disappear. Additionally, your expenses will likely go up. When tragedy strikes, do you want to consider downsizing to a smaller home or cutting back on the activities you and your family have become accustomed to? Or worse yet, you may be put in a position where you must decide which bills to pay. A disability policy can help protect you from having to make such difficult decisions.
- Safeguard your Future Lifestyle and Security. Will you be able to contribute to your 401(K) when you no longer have income? Probably not. But there is no need to sacrifice your future dreams or the dreams of the people you care about the most when a disability insurance policy can help to support your financial needs and enhance your ability to make the most of your golden years.
- Honor Financial Obligations. Over half of all personal bankruptcies and mortgage foreclosures are a consequence of disability, according to a 2005 Harvard study. What would happen if you lost your income and the mortgage was due? Disability insurance may be the only thing preventing delinquency or foreclosure.
- Relieving the Financial and Personal Burden of Loved Ones. You are disabled and have no income. Without the protection of disability insurance your loved ones may be burdened with supporting you financially as well as caring for you physically. The stress of caring for a disabled family member, dealing with financial loss and often working a full-time job can create a hardship no one wants to impose on those they love.
- Employer Provided Disability Benefits May Not Be Adequate. While employer provided benefits have value, they often have limitations that affect the amount of benefit you will receive as well as the benefit payment period. A personal disability insurance policy can supplement what you receive at work by providing you with an additional level of protection that is more likely to meet your needs.
Contact us today and find out how to protect your greatest asset.