Are you like most people in that you rely on your paycheck to come in to make essential purchases for you and your family? Many people plan their bills around the dates they get paid each month.
Even if you aren’t living paycheck to paycheck, you might not have the financial freedom and savings to remain comfortable if you miss out on this income. What would you do if a sudden illness or injury prevented you from going to work? Thankfully, personal disability insurance can cover you and provide a steady source of income should the worst happen.
Why You Need Personal Disability Insurance
Accidents and sicknesses sometimes happen unexpectedly. You can do your best to be safe and live a healthy lifestyle, but it’s impossible to predict what is to come. This is why it’s so essential to purchase an insurance policy early on to protect yourself and your family.
If an injury or illness prevents you from doing your job, you won’t get paid. How will that affect you? Do you have savings to cover costs for an unknown length of time? Or, would you rather eliminate the worry by planning for any eventuality and getting coverage that will provide you with a stable income you can rely on while you heal?
Options to Enhance Your Policy
Customize your disability insurance policies by adding options and features. A noncancellable policy will prevent your insurer from changing your premium cost or canceling your plan altogether. The own-occupation option will pay you if you are too sick or injured to do your job, even if your limitations don’t prevent you from finding another type of work. You should also opt for a plan that pays out benefits within 90 days so you don’t fall too far behind.
Riders are additional customizations to improve your coverage. They include modifying your policy to pay benefits if you are able to work some, but not your regular hours to earn your full income. Others may increase payout amounts as the cost of living rises, or assist you in paying for the care you need to recover.
Cost of Coverage
The premium you will pay for your personal disability insurance varies according to your overall health and your age, along with the type of job you do and the income you make. You can help to reduce the cost by purchasing your plan while you are young and doing your best to stay healthy. Some companies also offer a discounted premium price if you pay the entire year in full upfront.
The right insurance coverage can provide more than a reliable income if you should need it. It also gives you peace of mind so you can focus on what’s important at the moment and stop worrying about what may happen in the future.
About Haughn & Associates
Founded by Michael Haughn in 1986, Haughn & Associates is a full-service, family-owned, independent insurance agency based out of Dublin, Ohio. H&A strives to provide the best possible price and unique insurance solutions across a myriad of industries, including construction, IT, Habitation & Commercial Property, Agriculture, and Engineering. Devoted to providing the best of business insurance, life and disability insurance, personal insurance, employee benefits, and bonds, H&A is proof that success lies in long-standing client relations and satisfaction. To learn more about how H&A can be of service to you, contact us at (877) 802-2278.
