The Need for Individual Disability Income Insurance
According to the Social Security Administration. Nearly 1 in 4 Americans will become disabled before they retire! The cause of those disabilities run a broad spectrum with physical illnesses (back injuries, cancer, heart disease and others) are most usually to blame. Because a disability is so very likely to occur during your work life, individual disability insurance should be a core part of your financial plan while you are working.
Since your your ability to earn a future income is the foundation of the financial life you have built, without income, the everyday life and plans for you and your family are affected. Should you become ill or be injured in an accident, you’ll be managing the chaos of the moment. With a properly structured individual disability insurance plan, at least you won’t have to be worrying about how to replace your income.
Individual Disability Insurance provides important benefits for the client:
- Replaces a portion of earned income lost due to a disability
- Supplements any current group disability insurance plan
- Average annual cost is typically only 1% to 3% of what you earn. You can structure a policy to meet your needs and budgets.
Business Planning Group will work with you to ensure that you gain the best individual disability insurance plan, one that is non-cancelable and guaranteed renewable to age 65 and sometimes even longer if you continue working. We can usually find clients an individual disability insurance plan with a monthly benefit equal to 60% or more of your current net salary and riders to help your benefits keep pace with inflation during any disability.