Protecting Your Income, and Your Family
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Aug 25, 2008
Aug 25, 2008
With the economy in a tenuous state, it is easy to think of all the ways you can cut back on outgoings to keep things comfortable in your day-to-day life. One area many people consider cutting back on that should never be considered is insurance, particularly disability insurance. While it’s true that Social Security provides a certain level of disability coverage, this isn’t a suitable income for most people to live on exclusively.
In many states, employers are required to provide a level of disability insurance – some of these group disability policies allow employees the option of purchasing additional coverage at a discount rate. For most people, this is a great way to get disability insurance as the policy won’t be discontinued when you part company with your employer, and the rates offered by group disability insurance companies can be quite preferential.
If you are self employed or have a particular set of skills that closely define your job, you may want to consider getting disability insurance quotes for an own-occupation policy. Physician disability insurance is an example of an own-occ policy – an illness or accident that may prevent a doctor from doing his or her job wouldn’t preclude them from taking other employment, but without the ability to practice medicine, that professional’s income may be seriously limited. The ability to choose disability coverage that protects your lifestyle now could prove invaluable in a time of crisis.