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What is Disability Income Insurance?
Disability Income Insurance is a form of insurance that insures the beneficiary's earned income against the risk that a disability will make working, and therefore earning money, impossible. It includes paid sick leave, short-term disability benefits, and long-term disability benefits.
Who Needs Disability Income Insurance?
More than a quarter of today’s 20 year olds will become disabled, according to the Social Security Administration (SSA). It does not have to be a freak injury that prevents you from working – back injuries, cancer, heart disease or other illnesses are the majority of the reasons for long-term absences.Individual Disability Insurance
Are you prepared if you can't work due to a long-term disability? The average long-term disability last 2 1/2 years; do you have the emergency savings to survive that long without an income? If not, you need to make sure you have disability insurance.
Individual disability insurance offers multiple options for coverage, and a policy can be tailored to your needs. Since individual disability insurance policies are paid with after tax dollars, you don’t pay taxes on the benefits you receive.
Long Term Care insurance gives you the opportunity to stay at home and protect your family from the strain of being full time informal care givers. Leave it up to a professional to attend to your needs, and let your family spend time with you, allowing them to continue their lives as well as your own.
|Planning for Long Term Care: |
People often put off planning for long-term care because they do not want to think about a time when they might need it. Most people first learn about long-term care when they or a loved one needs care. However, if you wait until you need services to start planning, your options may be limited. You may not be able to find the information you need to make decisions. You may not have the money you need to pay for the services you want. Or you may have to rely on your family or others to make decisions for you.Planning helps you understand:
1. Services available for your family and in your community
2. Special conditions such as age or income that may apply for receiving services
3. Costs of the services
4. Public or Private payment options available