Your Best Life, Long-Term Care, Health Insurance

847.362.8888

Facebook Twitter Find us on LinkedIn Join our E-Mail list

DO I REALLY NEED DISABILITY INSURANCE?

Since Day 1, Jerry S. Pearlstein Insurance Ltd. has been dedicated to providing entrepreneurs, sole practitioners, artists and 1099ers with benefits big companies provide. We know you need to keep going in all circumstances. This information can help you understand why you need short term disability insurance.

1. If you or others depend on your income — you need it.

If you have people who depend on your income – or if you depend on your income – you need disability insurance. You might be surprised to learn that social security disability benefits are not available if you are expected to be out of work for less than a year. One year without income could deplete your savings and have a significant impact on your finances.

2. Disability insurance replaces a portion of your income when you can’t work.

If you were unexpectedly unable to work due to illness or injury, disability insurance can help to pay your most essential expenses, including food, utilities, school tuition, home and car payments.

3. Disability insurance can keep a business going.

It can meet daily expenses including employee salaries. It can buy out a partner who can’t work. It can preserve what your hard work has built.

4. The risk of a disability during your working years may be greater than you think no matter your age.

While people think of injuries and accidents as the largest cause of disability claims, cancer, back disorders, pregnancy and its complications and digestive disorders cause the majority of claims. At least one in four of today’s 20-year-olds can expect to be out of work for at least a year because of a disabling before they reach retirement age. Disability insurance sustains you with a steady stream of income when you can’t work due to illness or injury.

5. A good rule of thumb is to protect 60-80% of your after-tax income.

You will need to meet your essential living expenses if you should become disabled. 72% of consumer expenditures cover essential needs like housing, food, transportation, health care and education.

6. Some disability insurance is better than no disability insurance.

When budgets are especially tight, it still makes sense to buy enough disability insurance to cover rent or mortgage payments and keep your family in their home should you become disabled. Online Charts are rarely reliable. They cannot ask all the questions really needed to get you the best plan at the best price. A conversation with a licensed, experienced agent can show you how affordable the plan you need can be.

7. If you’re an employer, we can help you use group disability insurance or other cash-to-you programs to attract and keep the best employees.

8. If you’re an employee, make sure you know how much disability insurance you get at work.

Check to see if disability coverage is made available to you through your employee benefits package. You might want to look carefully at coverage, however, since group benefits alone may not be enough due to potential benefit limitations and types of income covered.

9. There is no substitute for good advice.

Seek advice on how much insurance is right for your needs. Talk to a trained financial professional or perform research online. Whichever approach works best for you, taking action to protect you and your family with disability insurance is an important part of a strong financial plan.

10. The financial strength and reputation of the company you buy from matters.

When you purchase disability insurance, the company you buy from is making a long-term commitment to you. If you become disabled, there is a chance you will receive benefits for an extended period of time, so it makes sense to buy from a company with experience, financial strength and a solid reputation.

Call us for a free, no obligation conversation about how short term disability insurance can serve you. Call us at 847.362.8888.

profpic

What Clients Say

Jerry S. Pearlstein Insurance, Ltd.
From day one they made me feel as if I was getting service as a family member would, always there, happy to hear from me and always follow up to make sure I was satisfied!
Jerry S. Pearlstein Insurance, Ltd.
900 Skokie Blvd, Ste 105,
Northbrook, IL 60062
O: 847.362.8888 | F: 847.362.9999
Email: rbloomfield@jpearlsteinltd.com
 
Copyright © 2018 All rights reserved.