Post by Eeliffee Garcia
Have you ever wondered what would happen if one day you have an accident and can’t go to work and collect salary for a short period? What if you have family that depends on you? Having income protection can be a very valuable option.
For the sake of simplicity let’s call this subject “income protection” in case of a temporary disability. Just like anything else in life, the things we value the most and the things that we NEED the most sometime require some type of insurance. There is auto insurance in case of an accident, mortgage insurance, and home insurance. All those insurances are very important in case the inevitable was to happen. The same thing applies to this situation. There is disability insurance that can help alleviate the lack of income in case of a temporary disability. There are several options and features that these type of insurance carry. For example, you have short term or long term and you choose one or both depending on your needs.
With a disability insurance policy you are guaranteed that you will get monthly insurance payments (after meeting certain requirements and time) to cover for the loss of wages/salary due to an injury that has temporarily disabled you. These monthly payments will be based on your current income to cover your monthly cost of living.
If you are self-employed and have employees along with other monthly expenses then it is crucial that your business have a backup plan in case you can’t attend to your business as the key person that generates most of the profits. If as a business owner you purchase disability insurance you can also add the option of insuring your business overhead costs. You and your company will both be temporarily insured in case something was to happen to you.
I enjoy sharing valuable information, however I am not an insurance adviser, but as an accounting professional I coordinate with insurance advisors to assist my clients in obtaining financial security in case something was to go wrong. If you are interested in learning more about disability insurance I recommend researching your local insurance companies that handle these type of insurances and speak with an agent.