Do You Need Disability Insurance?

Disability Insurance

It’s hard to imagine an illness or ailment could keep you from working for an extended period of time. If this were to happen to you, how would you cover lost wages? This is where disability insurance comes in. Purchasing disability insurance covers lost wages in the event of illness, injury or accident. Coverage you purchase typically pays lost income until age 65, 67 or 70, but the time periods do vary depending on the policy.

Why do you need Disability Insurance?

According to Life Happens, there’s a large gap between those who think they need disability insurance and people who actually have it. While 48 percent of individuals think it’s important to have this coverage only 20 percent actually have it. You may have some disability insurance coverage from your employer, but is it enough?

There are going to be limitations with the employer provided coverage. These include only 60 percent of your salary being covered and it’s a taxable benefit. This takes more of the pay you were previously receiving away and, as a result, creates a larger gap. It’s important to figure out what you will need covered and discuss with your agent add-ons that are available. Our resident expert in all things disability insurance, Nick Deas, suggests getting additional coverage that increases the percentage of your pay you receive, adjusts for cost of living for younger clients, and carries over between jobs if career changes take place.

For more information or to discuss your options please call, (352) 371-7977, or email, nick@mcgriffwilliams.com, Nick Deas, and he will answer any questions you may have. May is disability insurance awareness month so be sure to check out all the resources available during this time.

 

Auto Insurance When It’s Not Your Car

In most instances, borrowing a car or renting, your auto insurance will follow a vehicle rather than a driver.

Rented Vehicle

Typically, the insurance you obtain for your personal vehicle will carry over to a rental car. Seems easy enough, but there are some stipulations to this rule. The rental vehicle cannot be used for business. In order for your coverage to carry over the rented vehicle must be used for 30 days or less and inside the United States. Only coverage that you currently have carries over. If you have no comprehensive and collision coverage then you’re left without it on the rental car. Knowing this information can save you a lot of money. You can get away with not purchasing extra insurance in some cases.

Auto

Borrowed Vehicle

Say that you have a friend who needs to borrow your vehicle to run errands or move. If they have your permission to use the vehicle then your auto insurance will follow the vehicle and transfer to them. They cannot be previously excluded from your insurance in order for the transfer to work.

Make sure to check your policy as these rules can vary. If you need more information feel free to give us a call today, 352-371-7977.