Disability
can strike anyone, anytime, regardless of age or, type of job.
If it does happen to you, a disabling illness or injury can seriously
effect your ability to work and earn an income, which will obviously cause
significant disruption to your financial security.
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Very Important Questions To Ask Yourself Now - Before You Are Disabled!
- If you have trouble
living within your income now, how could you afford to live without any
income, especially if you were disabled from an accident or serious
illness?
- Are your home and car
better protected and insured than your most valuable asset; namely, your
income?
Remember,
your most important asset is your income AND your ability to earn an income. In cases when you are prevented from doing so, such as being disabled from
an accident or serious long term illness, this type of coverage can and
may literally "save the day" for you and those closest to you based on
the benefit guarantees of the insuring company and timely payment of plan
premiums.
"INCOME
PROTECTION INSURANCE," a form of Disability Insurance that protects
you by replacing lost income (usually up to approximately 50-60% of your
income prior to disability), and therefore goes a long way in increasing
your financial security in the event of a disability. These
plans are normally available for the following benefit periods: 2,
or 5 years, or to Age 65. After Age 65 plan coverage can usually
be continued for those working full time to Age 72-75. Benefits on
most plans can start to be paid after a waiting or "Elimination Period"
that can be 30,60, 90, 180, or 356 days (waiting periods and benefit duration
depend on job classification as well as income and health considerations).
For
owners of businesses there is a form of Disability Insurance called "BUSINESS
OVERHEAD PROTECTION" and this, unlike personal Disability Insurance,
does not insure Income but instead insures overhead & operating expenses
of your company and all employees salaries except your own. Plans
of this type are normally bought with a shorter waiting period (typically
not more than 30 days) and with shorter benefit periods (typically 12-24
months). These plans are designed to relieve the pressure of a disabled
business owner long enough for him to determine whether or not the disability
will be long-term or permanent or short-term. If the disability will
be long-term then owning such coverage gives the insured business owner
time to either replace himself or sell the business to rid himself of the
otherwise ongoing financial liablities & overhead associated with running
the company.
It
is also important to establish a personal emergency fund equal to
at least 3 months income/expenses, so that you are adequately protected
for otherwise short term emergencies. Beyond these measures, a structured
savings/retirement program, with investments suitable to your personal needs and objectives,
should be established out of current earnings without delay.
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Contact Us
Today! Phone: 1.800.482.5347 /
www.LeagueFinancial.com
/ Info@LeagueFinancial.com
