Disability Insurance

Disability Insurance

Financial experts recommend having at least 6 to 12 months of liquid emergency funds available. Clear Solutions Insurance Services knows this is sound advice, yet some might find that challenging due to today’s economic conditions. In the event of a long-term or permanent disability, 6 to 12 months of savings wouldn’t get you and your family very far. Likely, any retirement savings or assets would need to be tapped into, especially if there is a shortfall in the emergency fund. It is important to choose a plan before life picks one for you. Life happens whether you’re prepared for it or not.

How Do You Know If You Need Disability Coverage?

It is always better to prepare for a “life happens” event before it actually occurs. While you might feel young, healthy, and able to work, you never know when an on-the-job or outside of work accident might change things. If you become disabled, it will be important to know how your family is supported while you are recovering. The best time to get covered in case of a disability event is now, and we can empower you to know what options are available to you.

Disability Insurance Options

Some employers will offer disability coverage as part of your employment. If it is out there, take advantage of it. However for the most part, you will be looking at one of four options for your coverage–your income, your government, your family, or your protection funding plan.

Your Income

Your income might seem like an option for you, however in the event of a long term or permanent disability, even having a year’s worth of savings wouldn’t get you very far. It’s likely that any retirement savings would be used up.

Your Government

One option could be Social Security Disability, but it usually takes time and effort to pursue it. If it is successful, the benefit is still a reduced amount of your regular paycheck, so you will still likely experience a change in the family’s lifestyle.

Your Family

A consequence of a disability is the loss of income while trying to rehabilitate and recover. Members of your family could take on additional income responsibilities, assuming that’s even a possibility. However, this depends on the age and capabilities of the family members, which could be very challenging or impossible.

Your Protection Funding Plan

You might find purchasing stand-alone short-term or long-term disability coverage is a great consideration. Critical illness coverage is a fairly new option that is not well known, but can be used as a companion option. This type of coverage provides a lump sum benefit that can help replace loss of savings or need for cash when combined with disability coverage.

Choose the Right Disability Coverage Option

Making a plan is an important part of ensuring you and your family are covered, should a temporary or permanent disability occur. And choosing the right option should be done with a professional advisor, who is qualified to help you understand your options. That’s why with Clear Solutions Insurance Services, you can be confident that we will create a plan and empower your future, giving you peace of mind knowing that you’re covered. As a professional insurance advisor, Tom is always available to work with you on getting disability coverage.