Protect Yourself with Disability Income Insurance
When an illness or injury leaves someone temporarily or permanently unable to perform their job, most people immediately begin to worry about how they will pay their bills. Few people could afford to be out of work for several months or even years without the benefit of disability benefits. Social Security can bring lengthy waiting periods or disqualification. For most workers, an individual disability policy is the best way to ensure adequate income in the event of serious illness or injury.
Disability Income coverage is especially important for self-employed or contract workers. With disability insurance, you can expect to receive up to 66% of your previous salary. However, disability benefits are not taxed, which often makes up for much of the lost income.
Short-term income protection insurance provides coverage for a limited amount of time, typically after a short waiting period of up to 14 days. You are then covered for the length of time specified in your policy, which can be from several months up to one year.
Long-term income protection covers injuries and illnesses that prevent you from working for a long period of time. There may be a longer waiting period before receiving benefits, but benefits can last for several years, until you reach age 65 or you recover.
The experienced professionals at Cobb-Hall Insurance can assist you with protections designed specifically for your needs.
Excerpts from post: By Ryan Hanley , Trusted Choice.com., Agency Nation