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Cary, NC — “It will never happen to me.” That’s what a lot of us think. In reality, disabilities can and do happen. – to anyone – at any time. In fact, you’re three and a half times more likely to become disabled than you are to die prematurely.
What constitutes a disability? Generally, when you become too sick or hurt to work, you are disabled. Many disabilities are short-lived—a pulled muscle, a sprained ankle or a bout with the flu. These types of disabilities typically don’t interfere with your ability to continue working and providing for your family.
But what if you suffered a heart attack? Or had a serious car accident and had to spend an extended period of time in a hospital (or worse yet, never fully recovered)? What if you became gravely ill?
The financial implications of a disability can be disastrous. For instance, how would you make your house and car payments if you couldn’t work? Even if your employer offers a group disability plan to you, the coverage provided is often not enough. After taxes, most group plans only cover approximately 45% of your income! A separate, individual disability insurance policy can help you fill the gap and pay your expenses during a disability.
When comparing individual disability income insurance policies, keep the following in mind:
With any type of insurance coverage, carefully research your options and work with a financial representative you know and trust.