Wearable technology has become increasingly popular. Devices like FitBit, Google Glass and Apple watches are…
So, you’ve budgeted since you can remember. You’ve even managed to save up so much, you don’t even have to rely solely on your income to live. If that is the case, then you probably don’t need to read this blog.
But, if you’re anything like 47% of Americans who aren’t financially equipped for a $400 emergency, then income protection as a part of your financial plan might interest you.
May is Disability Insurance Awareness Month, and to be blunt, there is no better form of income protection that insurance.
If you aren’t aware of the cost of being disabled, then please allow yourself to be humbled by Monica’s story.
No matter your age or situation— a single millennial, starting a family in your 30s, an empty nester, or close to retirement—you need to consider disability insurance. Chances are too high to risk not having an income and ultimately affecting your state of living.
The average cost of disability insurance is only 11 cents per payroll hour. It is a very inexpensive way to protect your income in the case of a claim. Sure, you don’t “do” anything that could cause you to claim for disability, but some disabilities don’t discriminate.
The second most common cause of a claim, cancer, doesn’t care what you do for a living.
Too often people will skip buying disability insurance and think that Social Security disability income (SSDI) will help them if needed. But, SSDI doesn’t pay a big benefit and it’s much more difficult to qualify for than a group policy provided by your employer.
Why SSDI isn’t enough:
SSDI pays out an average of $1,168 per month, just less than the federal poverty level for an individual. 65% of all applicants are rejected as well.
“But my job offers a group policy.”
While that is better than nothing, it does not offer adequate coverage. Receiving 60% of your income, not including commissions, etc. and losing your healthcare and having to pay more for COBRA coverage is not a strong form of income protection, to say the least.
For a look into your chance of becoming disabled in the future check out this site.
For a quote on your own disability insurance call 334 263 5535 and ask for William Van Hooser or get a quote here!