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Life & Disability Insurance


Life & Disability Insurance Information

Your most valuable asset in life is not your house.  It's not your car and it is not your job.  The most valuable asset you posses is the ability to make a living.  Take that away, there will be hardship.  If you regularly receive a pay check, you should have this insurance.  Disability Insurance will pay part of your working wage if you are unable to perform your jobs basic duties.  Most people believe they are safe, "This could never happen to me."  In fact, one of every four 20 year olds will face a disability for at least 90 days before they reach the age of 67.  How long can you last without a paycheck?

There are two types of disability insurance, short and long term.  In Short Term Disability Insurance, the insured will receive around 60% of their working wage for anywhere from a few months to an entire year, depending on your policy.  The insured will pay a deductible in the form of a waiting period, usually about a week or two.  This means the insured will have to endure the waiting period with no income and no insurance pay-out.  After the waiting period is over, disability insurance will take over.  Long Term Disability Insurance will replace about half of your working wage.  Benefits will be paid after a 90 day waiting period.  Insurance can last for a certain number of years or at the age of retirement, depending on your policy.  It may also pay for the lifetime of your disability. 

Some employers offer disability coverage at work, however, it usually will only pay a portion of your base salary.  It may be in your best interest to supplement your employers policy with one of your own.  If you are self-employed, you will not receive any disability coverage at work.  Buying your own policy will allow you to customize a package that works best for you.  You may want to ask; How much income would I need to maintain my normal lifestyle?  How long could I wait for disability income to begin pay-out?  How long would I need benefits to last?

Is there someone in your family who would suffer financially if you were to pass away?  A spouse, your children even a small business you may have?  If you answered "yes," chances are, you need a life insurance policy.  Life insurance is an essential part of financial planning

There are three types of life insurance, Term, Whole (Straight) Life and Universal Life Insurance.  Term Life Insurance is the most basic.  You pay an annual premium for the "term" of the policy (typically 20 years).  If you die within the 20 years, your beneficiary will receive the indicated amount of the policy, tax-free.  Whole Life Insurance is exactly the name.  It will stay in effect for your entire life.  Premiums, higher than Term Life, are paid based of the age of the insured at the time of purchase.  Premiums will not typically increase with the age of the insured.  Premiums will typically be paid until death, unless a limited pay policy.  These may be paid up in 10 years, 20 years or at age 65.  Universal Life Insurance is a form of permanent life insurance that offers flexible premiums and a tax-deferred investment opportunity.  Premiums are to be paid with extra money on top in order to "overfund the policy."  This will give the policy a cash value that will gain interest over time, allowing the insured to borrow from the policy, or subsidize remaining premiums.  

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