What is Disability Insurance?
Individually paid Disability Insurance pays a tax free monthly benefit if you are unable to work as the result of a covered illness or injury.
How Much Does It Cost?
Rates are based upon your gender, occupation, age, general health and personal habits, the amount (dollars) of monthly benefits you want to receive, how soon after you become disabled that you want your benefits to begin accumulating, and how long you want the benefits to last once you become disabled.
What is Disability Insurance Used For?
Most people use Disability Insurance to replace their paycheck if they become unable to work as the result of a disability. Depending on the type of policy, this can be due to an illness or injury.
Do I Need Disability Insurance?
While most employee benefit programs provide some form of disability coverage, your employer may not. The worst time to find out what protection you really have is when you need to file a claim. Check your employer's program to make sure the amount is adequate for your needs. Also, look at the details (definition of disability, waiting period and any total limits) to ensure your policy will provide all that you need. If you need more, talk to an insurance professional like TERM LIFE OUTLET for a needs analysis and no obligation quote.
Should I Use Disability Insurance as Mortgage Protection?
No one wants to spend money if they don't have to, and most family's worry about what they can fit into their budget; however, ASK YOURSELF THIS QUESTION:
What would you family be able to fit into their budget if one of the wage earners could no longer contribute their paycheck?There are few people that would not carry Home Owners Insurance on their residence. It protects against fire, storm damage, theft and provides general liability. What is DOESN'T protect against is the LOSS OF YOUR HOME THROUGH FORECLOSURE.
If you or your family are unable to make your mortgage payments because of death or disability, YOU ARE AT RISK OF LOSING YOUR HOME TO FORECLOSURE unless you have purchased MORTGAGE PROTECTION INSURANCE. This is obtained from a representative licensed in your state. TERM LIFE OUTLET can provide you a quote of VERY AFFORDABLE RATES for this type of LOW COST insurance.
Be careful not to confuse the DISABILITY INSURANCE that TERM LIFE OUTLET offers with Private Mortgage Insurance (PMI) which may be required by your lender as a condition of your loan. PMI ONLY protects your lender in the event you default on your loan. IT DOES NOT PROTECT YOU AGAINST:
- Loss of your home equity or down payment
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