Know that your income is secure with disability insurance.
It may be hard to imagine that you would ever find yourself disabled due to injury or illness, but the reality is that it happens more often than you might think. If you were to be unable to work for a short or an extended period of time, what would that do to the financial security of your family? If you have loved ones who rely on you financially, you should seriously consider the addition of disability insurance to your comprehensive financial plan.
Disability insurance generally pays a percentage of your base salary if you find yourself unable to work for a period of time. There are two types of disability insurance:
- Short-term disability insurance: This type of insurance usually has a waiting period of a couple of weeks and pays 60-70% of your base salary for a shorter period of time (a couple months to a year) when you are unable to work due to an injury, accident, or illness.
- Long-term disability insurance: This type of insurance has a longer waiting period (usually 90 days) and may replace a lower percentage of your base salary (generally 40-60%), but the policy will pay for a much longer period of time, until the disability ends, the term of years runs out, or you reach retirement age.
Know that your income is secure with disability insurance. If you need disability insurance or other financial planning advice, reach out to the trusted licensed network of professionals who partner with Planning Bucket in Asheboro, North Carolina today.
Planning Bucket connects clients with disability insurance advisors in Central and Western North Carolina, including Asheboro, Burlington, Chapel Hill, Charlotte, Concord, Greensboro, High Point, Huntersville, Kannapolis, Lexington, Matthews, Monroe, Reidsville, Winston-Salem, Asheville, Boone, Brevard, Dobson, Elkin, Hickory, Morganton, Mount Airy, Sparta, Statesville, West Jefferson, and Wilkesboro