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From mortgage payments to car payments to groceries and beyond, your income pays for the necessities (and splurges!) of life. What if your income stopped?
Individual Disability Income (DI) insurance helps cover you when the unexpected happens. It helps provide the money you need if you become too sick or hurt to work.
DI insurance provides monthly payments when you can’t work due to a disabling illness or injury. It’s insurance for your income; just like auto insurance covers your car and homeowner’s insurance covers your house.
Just like with your home, auto, and health insurance, you pay a monthly cost for income protection. If you get seriously ill or hurt and can’t work, Disability Income insurance acts as your financial back-up plan. It lets you focus on taking care of yourself, instead of worrying about how you’ll pay the bills.
In addition to covering your everyday living expenses, it also protects your overall financial health by helping you avoid dipping into your savings or retirement assets.
Of course, none of us want to imagine being so sick or hurt that we can’t work. But it happens. The risk is real. Unexpected accidents and illnesses like cancer, heart conditions and stroke are common causes of disabilities. And they often come with expensive medical bills, which makes maintaining an income even more vital.
Most policies offer coverage that’s flexible and customizable to your specific needs and budget, with the ability to modify as your needs change in the future. In many cases, the cost of your coverage may be as little as a daily cup of premium coffee or a date night out. When you think of it that way, fitting it into your monthly budget feels more doable.
This is your group long-term disability (LTD) insurance, which your employer generally offers to all employees. It’s a great start, but it’s not always enough income protection. And typically, when you leave your job, you must leave the group LTD policy behind, too. An individual Disability Income insurance policy is 100% yours. You own the policy, and it stays with you if you change jobs or careers. The individual DI policy will also help supplement any income gaps in your group coverage.