If you get sick or injured and are unable to work, the last thing you want to worry about is paying your bills or wondering where money will come from for gas, groceries and living expenses. You can think of Disability Insurance as income protection because it can help replace a portion of your paycheck.
Disability Insurance may make sense for you if:
• You don’t have a large amount of savings or other sources of income available.
• You depend on your income to support your lifestyle.
• You can’t afford to be out of work for weeks or months at a time.
How Disability Insurance Works
Being unable to work doesn’t mean draining your bank account or other savings accounts.
Disability Insurance can help provide for you and your loved ones while you’re on leave. Depending on your plan, you could receive payments of up to 60% of your salary through disability coverage. Benefits can be used as you see fit, to cover things like rent, car payments, day-to-day expenses or out-of-pocket treatment costs.
After surgery, childbirth or other covered situations, Short Term Disability Insurance can be a helping hand while you’re out of work. Your plan could pay a portion of your income if you can’t work for several weeks due to a covered injury or illness.
If you’re out of work for a longer period of time due to a serious illness or accident, Long Term Disability Insurance can help you maintain financial independence. The length of coverage depends on your plan.
If you earn a higher salary, or you rely on bonuses or commissions, Individual Disability Insurance can supplement Long Term Disability Insurance and provide higher levels of income protection coverage if you experience a covered disability and are out of work.
Accidents happen. Live with a peace of mind by making sure you are prepared with a disability insurance policy. It will provide cash to help ease the financial stress of a covered illness or injury. Contact Plan IV today to discuss your options or reach out to us on our contact form.