Disability Insurance - Protecting Your Income
Most people have insurance on their car, home, or boat. But what if you became disabled and became unable to work and make an income? How would you pay for your car, home, or boat - let alone the insurance to cover them if they were damaged? The average 35 to 45 year old has life insurance but not disability insurance although they have only a 14% chance of dying before the age of 65 and a 21% chance of being disabled for 3 months or more. Most people just haven't looked into disability insurance because it isn't a popular insurance. The most common ways of setting up a disability insurance policy are through an employer paid disability income insurance policy, social security benefits, or individual disability plans. Some states require employers to provide some sort of disability income protection, usually short term. Some large groups will even provide a long-term policy.
Getting Your Own Individual Policy
Even if you have a disability benefit provided to you by the company you work for, unless they provide you with a long term policy with 55% to 60% of your salary, you should consider getting your own individual disability income policy to make sure you have enough protection. Learn what to shop for using our page on:To be securely protected, you should try to find an individual disability policy that will replace from 50% to 70% of your current income. By getting your own policy, you'll be able to ensure your current lifestyle because you will be able to get a policy that will get you an equivalent to your after tax income at the current time. The benefits on individual policy are not taxed, so having a policy with 60% - 70% of your current income will be similar to what you make now, minus the taxes you pay. On the other hand, a policy you will get through an employer will have the benefits taxed, so even an employer providing a long term policy at 70% replacement will fall short of meeting your needs once that benefit is taxed.
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AllInsuranceAgent.com
Provides links to information and services for Insurance and Agent. http://www.allinsuranceagent.com/
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Income Protection Insurance UK - Independent Advice & Quote - PHA
Income Protection Insurance UK - independent brokers offering advice and quote service from a wide range of insurers. Cover for individuals, families, self employed and companies. http://www.incomeprotect.co.uk/
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