Why everyone needs insurance on their paycheck
Whatever the frequency of your paycheck; weekly, bi-weekly or monthly, it probably gets deposited into your checking account and then you start paying your bills. You pay your mortgage, car loan, utilities, insurance, groceries, childcare or college tuition, put money away for retirement and so on. What would happen if you became sick or disabled and you lost your pay for a significant amount of time? How long would your savings last and would you really want to burn through it?
Disability insurance is designed to replace part of your income should you become sick or disabled and can not work or perform the duties of your occupation*. As with most insurance, disability insurance allows you to leverage your money and shift the risk of lost income to the insurance carrier.
Many people have some form of disability coverage through work. Sometimes it is short term disability and for others it may be both short term and long term disability. It is important to know what coverage you have, what it covers and for how long. Many times, individual long term disability can help cover shortfalls of a group policy. Individual long term disability insurance is portable so even if you change jobs, your coverage will remain in force.
Please contact David Prensky for a free consultation. He can be reached at 410-897-9890 or firstname.lastname@example.org
*Benefits related to “your occupation” can vary between each carrier.