Protect Your Paycheck
Do You have Income Protection?
The month of May is disability income protection month. The question to ask yourself: what happens if I get disabled or sick and cannot work? How long will your employer keep you on the payroll? It is prudent to have a plan in place in the event of a disability (unless you have a bunch of cash set aside). What will happen to your family or if you are single, how will you pay the bills? This is not meant to be a scare tactic, but if you sit back and think about it, how many people do you know that have come down with a sickness or illness which has caused them financial ruin? We are not saying you have to be over insured, even a small disability income protection policy could buy you enough time to get healed where you can focus on getting better and not stressed about how you will pay the bills.
No one likes to pay for insurance, and especially the idea of becoming disabled or too sick to work, so they typically delay the thought process of meeting with an insurance agent to get more information. There is a reason why most large corporations build disability income protection into their employees benefit packages, but what about everyone else who do not work for corporations that offer disability income protection policies? Just pray and hope for the best and bury their head in the sand hoping it will not happen to them. It takes little time to have an experience agent run an analysis of how you can protect your paycheck. At the very least, you will know the numbers and be able to make an educated decision. Plus some polices can return all your premiums if you never become disabled.
Return of Premium Disability Policies
There are only a few companies today who offer a policy that will refund 100% of the premiums paid into the policy if you never become disabled. Basically, how it works is at age 67 if you have not filed a claim the insurance company will return 100% of your premiums, which you could then use for retirement or buy that boat or RV you have always wanted.
If you are considering purchasing a disability income protection policy reach out to a licensed agent who can provide with some options. What’s the harm in educating yourself with a plan that could keep you afloat until your well again? At Pacific Insurance Group we pride ourselves with helping people get the correct amount of disability insurance and life insurance. Reach out to someone on our team to run an illustration and break down the different riders, it is definitely worth a few minutes of your time.