Why YOU Might Need Disability Income Insurance

Your ability to earn an income may be your most valuable asset. So how would you meet your financial obligations if you became sick or injured and couldn’t work?

This week, Craig Siminski, of CMS Retirement Income Planning,  shares an article explaining how an individual disability income insurance policy can help provide income if a disability leaves you unable to work.
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According to one report, only 34% of men and 20% of women said they felt extremely confident in supporting their households during a period of income loss.

It’s important to assess your own situation and determine whether you have appropriate financial backup in the event that you cannot work due to a disability.

Your employer may offer long-term disability coverage, but you could lose your subsidized coverage if you change jobs. Even if you remain covered through your job, group plans typically don’t replace as large a percentage of income as an individual plan could, and disability benefits from employer-paid plans are taxable if the premiums were paid by the employer.

An individual disability income policy could help replace a percentage of your income (up to the policy limits) if you’re unable to work as a result of an illness or injury. Depending on the policy, benefits may be paid for a specified number of years or until you reach retirement age. Some policies pay benefits if you cannot work in your current occupation; others might pay only if you cannot work in any type of job. If you pay the premiums yourself, disability benefits are usually free of…

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Craig Siminski is a CERTIFIED FINANCIAL PLANNER™ professional, with more than 22 years of experience. His goal is to provide families, business owners, and their employees with assistance in building their financial freedom.

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