Disability insurance is the foundation of any financial plan. Everything you own and everyone you provide for relies on your ability to generate income. Without income everything you have worked so hard for can come crashing down. The need for disability insurance is immediate and can begin even before the need for life insurance, such as with single working people. The chances of a disability, prior to age 65, are 5 times greater than that of death.
At Diversified Brokerage Specialists our goal is to provide you with at least 60% of your income on an after tax basis if disabled. The cost can range from 1% to 5% of your annual income. Individual disability insurance can be used to replace lost income, cover debt and make lost retirement contributions due to a disability. For businesses, disability insurance can be used to pay the business expenses of a disabled owner, buyout a disabled owner’s stock or replace lost revenue from a disabled key employee.
Though a great benefit, employer provided disability insurance or Group LTD is in many cases inadequate. Group LTD often only covers your base salary and the benefits are treated as taxable income. Make sure to perform a disability insurance review. Diversified Brokerage Specialists will shop the market for the best plan at the right price, and help our disability insurance brokers present their clients with options from only the best companies.
Contact us today to learn more about disability insurance.