When we think of our most valuable asset, I suppose our house comes to
mind first, and then our vehicles. We would not go to sleep at night
knowing our fire insurance was not paid for or drive on the road before
insuring our brand new car.
But our most valuable asset is the very thing that pays for everything else – our ability to work. Yet too many people ignore the most important insurance we should own – long term disability insurance.
Consider that one in three people will be disabled for 90 days or longer at least once before age 65 and the average length of a disability that lasts over 90 days is 2.9 years.
Could you afford to take a holiday for three years without a pay check?
If you are one of the lucky ones that has disability insurance through your group plan at work you might be alright, but if not, or you are self-employed, it is time to think about insuring your most valued asset. And P.S., don’t rely on your ‘work safe’ insurance policy as your long term disability insurance plan; remember it only pays for accidents at work, leaving you uninsured for sickness and accident off the job. It’s like having fire insurance on your home that only pays if it burns down on a Sunday.
When considering long term disability insurance for yourself, there are several things to keep in mind and the price you pay will be dependent on several things. I will go through some of the most important aspects on purchasing disability insurance to help you familiarize yourself with the details.
First is-- how much do I need?
Consider all of your monthly expenses: mortgage, food, rent, utilities, loans, auto expenses, other insurance premiums, clothing, etc. You are allowed approximately 66% or your taxable income as a maximum benefit, but anything under that is your choice.
Second is-- how long does it pay?
You can purchase a plan that has a benefit period of two years, 5 years, 10 years, or to age 65. So the choice as to how long the money lasts is up to you.
Third is-- how long do I wait?
This means if you get sick tomorrow, how long do you wait before you receive your first cheque – 30 days, 60 days, 90 days or longer?
To read more Click Here
But our most valuable asset is the very thing that pays for everything else – our ability to work. Yet too many people ignore the most important insurance we should own – long term disability insurance.
Consider that one in three people will be disabled for 90 days or longer at least once before age 65 and the average length of a disability that lasts over 90 days is 2.9 years.
Could you afford to take a holiday for three years without a pay check?
If you are one of the lucky ones that has disability insurance through your group plan at work you might be alright, but if not, or you are self-employed, it is time to think about insuring your most valued asset. And P.S., don’t rely on your ‘work safe’ insurance policy as your long term disability insurance plan; remember it only pays for accidents at work, leaving you uninsured for sickness and accident off the job. It’s like having fire insurance on your home that only pays if it burns down on a Sunday.
When considering long term disability insurance for yourself, there are several things to keep in mind and the price you pay will be dependent on several things. I will go through some of the most important aspects on purchasing disability insurance to help you familiarize yourself with the details.
First is-- how much do I need?
Consider all of your monthly expenses: mortgage, food, rent, utilities, loans, auto expenses, other insurance premiums, clothing, etc. You are allowed approximately 66% or your taxable income as a maximum benefit, but anything under that is your choice.
Second is-- how long does it pay?
You can purchase a plan that has a benefit period of two years, 5 years, 10 years, or to age 65. So the choice as to how long the money lasts is up to you.
Third is-- how long do I wait?
This means if you get sick tomorrow, how long do you wait before you receive your first cheque – 30 days, 60 days, 90 days or longer?
To read more Click Here
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