What is Disability Income Awareness Month?
Disability Income awareness month is a time dedicated to making sure you have the coverage you need. Much like Life Insurance awareness month, Disability Income awareness month is here to show you how, why, and what you need in the event you do become disabled or too sick to work. Two-thirds of Americans recognize they need life insurance yet, only 20% have disability income insurance. If you are protecting your family with Life Insurance, why not protect your greatest asset: your ability to earn an income.
How can I get Disability income?
There are a few ways to get disability income, one of which is through your Employer. This is how a lot of people get Disability Income (DI) Insurance. Another option is getting DI insurance through a professional organization in your industry. Additionally, you can get DI on your own through private insurance company.
How much does disability income insurance cover?
Disability insurance is a form of income protection that pays a percentage of your monthly income – typically 60% or more – if you can not work because of illness or injury. This could be for a set duration, and it could be more or less. It is always best to consult with your insurance agent to get a better perspective on how your disability income plan works.
Why do I need disability income insurance?
Where life insurance protects you in the event you pass away, disability income insurance protects you while you are still alive. It ensures you will have the money you need to protect your family and your assets. The sobering fact for today’s 20-year-olds is that more than 1-in-4 of them will become disabled before reaching retirement age. This information comes from the Social Security Administration and life happens. 7 in 10 employed Americans (71%) would feel a financial pinch in one month or less without their paycheck.
As always, please consult with a licensed insurance agent if you have any questions about disability income insurance or any other type of insurance in general. Additionally, you can contact us here at Empower Brokerage at 1 888 539 1633.