Individual Disability Income Insurance
Protection for your most valuable asset – your income
Think of disability income insurance as protection for your income. What would happen if you were suddenly unable to go to work and didn’t receive your paycheck for three months? What about two years? Could you pay your bills on time and would your family have enough to meet every day living expenses? Maybe you think this would only happen if you suffered a terrible accident, but that’s not true. Only 10% of disabilities are because of accidents. The other 90% are from illnesses, such as heart disease, cancer and diabetes.
Your income is the foundation for all your expenses and the beginning of a solid financial plan. Individual disability insurance can provide the income protection you’re missing.
What is disability insurance?
Individual disability insurance is income continuation, or replacement income. If you’re injured or become ill, your disability benefit will replace a percentage of your income while you’re unable to work. Income protection insurance pays you so you can pay your mortgage or rent, buy groceries and meet other ongoing living expenses.
How does disability insurance work?
Disability insurance is a lot like car insurance. Auto insurance is designed to protect your car against damage and could help pay medical bills if you’re injured in a car accident. You pay a monthly fee for this safety net, just like you do for individual disability insurance, which provides protection if you’re unable to work due to an illness or injury. It’s protection for your most important financial resource: your ability to earn an income.
See how disability income insurance from Ameritas gave this entrepreneur and his family the peace of mind coverage to keep life’s basics going.
Who needs disability insurance?
If you and your family rely on your income to contribute to your daily expenses, you need individual disability insurance. Imagine being sick for an extended period and not having income continuation. Instead of focusing on getting better, you’d be worried about how you’re going to pay the bills, including your student loans. Read the Investing in Yourself brochure to see how disability insurance can help you avoid defaulting on your loans if you become disabled.
Still think you don’t need disability insurance? Check out the stats below in “Consider the odds of not having disability income insurance.”
It’s especially important for working single women to consider income protection as part of their financial strategy. In a report from the Council for Disability Awareness, 52% of the single, female workers in America have no disability insurance and 25% of these women say they are “extremely unprepared” for a period of disability lasting three months. Read the full report to learn more.
Maybe you already have a long-term disability policy through your employer (group disability) and think you’re good to go. If so, there’s a risk you may not have enough coverage. When you rely solely on group coverage, the percentage of replacement income may not meet your needs. By adding individual disability insurance coverage you help supplement your replacement income and fill in the gaps. Also keep in mind a group policy is tied to that employer. If you lost your job or chose to leave you would lose your coverage, but an individual disability insurance policy will follow you wherever your career takes you.
Ameritas makes individual disability insurance easy.
Recognized as one of the best individual disability insurance companies, Ameritas disability income insurance goes to work when you can’t. We offer the options and flexibility to build income protection based on your needs. Control the cost and coverage of your policy by customizing your protection with optional riders.
Your ability to earn an income is your greatest asset. Don’t let an illness or injury demolish your financial foundation. Protect your income today.