Is this something I need?
What is your most valuable asset? Is it yoru home? Your 401(k)? Your car?
What if you couldn't go to work tomorrow or ever again to due an illness or injury? For most of us, the most valuable thing we "own" is our ability to work. Although most of us understand the need for life insurance and carry excellent coverage, we are far more likely to become injured or sick than we are to die prematurely, and the cost can actually be greater in terms of lost wages to your family and care.
Disability insurance is coverage that protects you and your family/business in the event you are not able to work due to injury or illness. Not all disability policies are the same, so it is important to work with your trusted Foy Insurance agent to select the policy and coverage that is right for you.
Here are some of the basics your agent will cover:
- How much Coverage is Appropriate? When choosing disability insurance, or DI, it is important to select the right duration, ammount and definition for your specific needs. Your Foy Insurance Agent will help you discover what is at risk, and work within your budgeting requirements to address the risk accordingly.
- What Type of Coverage is Right for Your Need? Some disability policies will only cover you if you cannot work at all, in any job. Some will cover you if you even if you can work, but only in a capacity that is lower paying, or not your trained career or professsion. There are many policies in the middle. The differences are critical, and can have a large impact on premium.
- How Long Can You Miss Work? It is important to have a financial cushion in the event you cannot work. Your disability policy shoud take into account how much of your personal assets you are willing to put at risk.
- Other Benefits & Excluded Items: Some policies pay you back for money you spend (reimbursement) while others pay a fixed ammount regardless of covered expenses(indemnity). Additionally, your agent will work to coordinate your benefits with other programs you may be eligable for, such as Social Security Disability, Worker's Compensation or supplemental plans, which can cover day-to-day expenses.
As you can see, disability insurance is a critical part of your insurance portfolio. There has never been a better time to meet with a Foy Insurance disability specialist for a one-on-one consultation. Find your local Foy Insurance office to begin today!