We want to bring your attention to a product that you may feel you don’t need, however a lot of smart people with money are choosing to own.
Disability Insurance. Disability insurance = Income protection for you should you become too sick or injured to work.
You’re covered whether you’re on and off the job. Mentally and physically.
What would be the financial impact if you suddenly took a 1 year, 5 year, or 15 year vacation? It would have a big impact on your finances.
All leaves from work aren’t optional.
Consider these two scenarios:
Person A: You work, you make or pay yourself $120,000 per year and you do not have a personally owned income protection (disability insurance) plan. If you’re ever unable to work because of illness or injury, your income is reduced to as little as $0 either immediately or after your group disability plan no longer covers you (disregard government benefits).
Person B: You work, you make or pay yourself the same $120,000/year, however you purchased a professional disability plan for $2,000/year with after tax dollars. If you’re unable to work because of illness or injury, your income drops to $70,000/yr, but is delivered to you tax free until age 65 and has inflation increases built in.
We believe in and help solve for scenario B.
So why do we believe in disability insurance? Because in taking option B, we believe in giving a little bit of money to an insurance company and have them pay the whole bill (my income) if I get sick or injured. It’s a tradeoff we believe in.
Ask yourself the following questions:
How much do I make?
How much can I prove?
Do I need or want to maintain my family’s lifestyle?
