Disability insurance is intended to help you meet your income requirements while you are off from work, allowing you to concentrate on what’s really important, recovering from your disability and returning to an active life. Have you considered how you would maintain your lifestyle if you were to become disabled? Your ability to earn income might be compromised and as a result the ability to pay your bills, take care of your family or save for retirement could be negatively impacted.
While some employers offer a combination of short and long term disability insurance as part of an employee benefits package, almost all packages cover only a percentage of your income and some companies offer no coverage at all. Nobody likes to think about getting sick or becoming injured, but you need to consider what would happen if you did.
Did you know?
- Even at age 30, you have a 1 in 5 chance of becoming disabled for 12 months or greater
- Even six months without income could be financially disastrous; six months of total disability can wipe out years of hard-earned savings
- At age 35, a permanently disabled person could lose a lifetime income of $1,500,000 (assuming a retirement age of 65 and earnings of $50,000 per year; and this does not even consider raises or bonuses)
Everyone has something that they want to protect. For example, while a married individual with children would want to ensure that their family does not suffer due to a loss of income, a single individual with no dependants would want to protect their credit rating (in the event of an injury, you might incur a loss of income which could significantly impact your ability to pay your bills, and even though your income might change your obligations likely won’t).
Whether you need to secure your main source of income or supplement the coverage you receive from your employer or an association, Reeves Financial Services can help by providing a comprehensive and portable plan that you can rely on throughout your working years.
