To answer a question with a question: who needs continuing income in the case they are unable to work due to a severe disability or illness? The answer to this question is: almost everyone!
Disability insurance can help protect you and your family from an unexpected illness or accident that leaves you unable to work and earn an income. This product is structured to replace between 60% and 85% of your regular income, up to a maximum amount, for a specified time if you temporarily cannot work or are permanently disabled due to an injury or illness.
When choosing a disability insurance coverage that works for you, some of the features you can choose from include: benefit amount, elimination period (how long you have to wait before the benefits start being paid), and benefit period (how long will benefits be paid out for).
The exceptions for needing disability insurance would be people who have a large net worth and would be able to use their savings to cover expenses if they were unable to work. Retirees who have fixed income coming from government benefits, employer pensions, and retirement savings would also not need disability insurance, as well as someone with no income.
Please contact our PlanWright office if you have any questions on the different insurance products available through PlanWright Financial.