If you had a goose that could lay golden eggs, which would you insure first? – The goose or the egg?
Your car, your house, your assets – all come from your ability to earn an income. And your ability to earn an income is your largest and most important asset to protect. Try to calculate what you make per year and multiply it by the number of years that you’d like to work. That’s your future income that needs to be protected. It’s your life that needs to be protected.
Disability insurance is a type of protection that gives you the chance of replacing your income if you become disabled. If our cash flow came to a halt, it would be your biggest distraction. Our incomes would stop but our bills will not. In the event of a disability, we should focus our time on healing and not worrying about how we’re going to support ourselves and loved ones.
Pay close attention to what your definition of disability is. Try to understand your waiting periods vs benefit periods. And make it a point of learning about what exactly your disability plan covers, whether it’s an illness or injury or both. If you’re a part of a group plan, then you should know what the non-evidence limits are and the comparisons between group and individual.
Contact us to learn how to customize the best disability program to suit your unique needs and wants.