Protect Your Income with Disability Insurance

Fotolia_40333235_SDisability insurance is a very important and often overlooked type of insurance coverage. No one ever expects to become disabled, but it happens more often than you would expect, and if you do not have disability insurance in place, you could be left financially devastated.

Millions of Americans live paycheck to paycheck and are unable to pay living expenses if an accident or illness leaves them unable to work. Disability insurance offers financial protection from the above situation, and considering that most premiums only amount to 3% or less of an individual’s income, disability insurance is a valuable investment.


Disability Insurance Coverage Options

There are several ways to obtain disability insurance. You may have access to a group disability insurance plan through your work, union, or other membership groups. If you do not have the benefit of group disability insurance, individual coverage is a must.

If you do have access to a group plan, it is important to understand its restrictions and determine whether it can provide the level of protection you need in the event of a disability. While group plans are less expensive, they typically have more coverage limits. The best way to make up the difference is to purchase a “wrap-around” individual plan.


The Benefits of Personally Obtaining Disability Coverage:

There are several benefits to personally obtaining a disability insurance policy. We have outlined them below.

  • Privately owned policies are portable, so even if you change employment, you will still have coverage.
  • The average premium is typically only 1-3% of your gross earnings.
  • Generally, most individual policies pay between 40-65% of your pre-disability gross salary.
  • When paid with “after-tax” dollars, benefits are received income-tax free.

How Can We Help?

At Harding & Jacob Insurance, our Cleveland, Ohio and Columbus, Ohio professionals take the time to walk you through the underwriting process, so that you get the level of coverage you need. Call us today at 440.871.7261 to review your current disability insurance plan; we will help you get started on safeguarding your family’s financial security.

Want to learn more about your Disability Insurance options?