Answers That Count - Hosted By Charles Musgrove
Business:Management
In this episode Charles Musgrove and guest Taylor Hodges with Southern Capital discuss important information about disability insurance and life insurance. These policy types provide the beneficiary and owner a method to cover for those events that cannot be paid from available cash.
From Smart About Money
Why You Need Disability Insurance
Disability insurance provides a source of income to people who are unable to work due to an accident or illness. Remember that your earning power is one of your greatest financial assets.
Without disability insurance protection, workers and their dependents are “living on the edge,” at risk of losing their homes and investments. If you need disability insurance, take a look at the details:
From Article by Adkins Insurance
You are 7 times more likely to become disabled before age 65 than to die, according to statistics and marketing research organizations. This startling statistic brings to light the importance of owning the correct type of insurance, even if you are young and healthy. Life insurance and disability insurance are very different, so how do you prioritize?
Life Insurance
Simply put, life insurance provides financial protection for your loved ones should something happen to you. You may also gain access to living benefits, such as cash withdrawals from Permanent type plans, or Living benefits that may be available to you in a Term plan should you become ill from a terminal illness.
You’ve probably heard of the different types of life insurance policies, for example term or permanent insurance. Term insurance policies provide protection for a set period of time. If you’re young and healthy, you may be tempted by the short-term security and lower prices of a term contract, but permanent insurance policies can often be the better deal in the long run.
Disability Insurance
To many, disability insurance is viewed as an unnecessary or unaffordable expense, and Social Security Disability will take care of them. Social Security Disability could take several years to receive any benefits and in most cases is not sufficient to a beneficiaries’ current needs.
Should you become disabled, your private disability insurance policy is designed to replace your after-tax income. Typically polices are written to replace 67% of your pre-taxed income. Disability policies generally provide monthly payments to you to cover your needs instead of
covering specific expenses.
Types of disability plans are some short-term and long-term. Generally, short term policies are written for benefits from 2-5 years and Long-Term disability policies are to age 65. Your policy will describe the definition of disability and most polices will require you to be disabled for a set amount of time before you begin receiving your benefits, so be sure to take a good look at the specifics of your plan before signing any contracts.
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