If you suddenly became disabled and were unable to work, could you still meet your financial obligations? In most cases, your ability to generate income is your greatest asset. Disability insurance replaces a portion of your income if you become disabled and are no longer able to work. The most important area of disability insurance is the type of disability the policy covers. The two ways a disability policy can be written are “own occupation” or “any occupation.” An “own occupation” pays benefits when you cannot perform your specific occupation. An “any occupation” policy pays only when you cannot perform any occupation. Most disability policies have a waiting period of 30, 60, or 90 days before the policy begins paying. Typically, the longer the waiting period, the less expensive the policy will be. The benefit period is the maximum time that benefits will be paid. The most common benefit period for disability policies is “to age 65.” Call us today, and let us show you how to protect your greatest asset.
Securities offered through LPL Financial Member FINRA/SIPC
Written by Megan B. Bynum, Wealth Advisor, LPL Financial