Most people think their biggest asset or need for protection is their home, since that’s typically the largest financial obligation or equity that they have. It’s often times overseen that your income is extremely worthy of protecting too.

Imagine not getting a paycheck for a month… maybe you have an emergency fund or savings to cover all of the bills temporarily. What about six months? Or a year? Things could get tight really quickly and some Americans are unfortunately experiencing this first hand right now with our current pandemic.

Disability insurance comes in to help in the event of injury or illness causing the insured to not be able to work, or even only able to work a reduced number of hours or abilities. Unlike the limited disability coverage that some employers offer, a personal disability insurance policy would follow the insured wherever they go in life and wouldn’t be lost if their job was ever in jeopardy (like health and retirement benefits would be).

The premium of this coverage varies based on income and overall health of the individual. There are typically medical exams but some companies are currently waiving those for up to $10,000/month coverage. And these policies can usually be bound rather rapidly so there aren’t long waiting periods.

It seems like a no-brainer, especially for high income earners, in the work force today. However, we find that many people just aren’t even aware of this type of coverage… which is why we use Disability Insurance Awareness month in May of every year as an opportunity to share this information.

There are a lot of moving parts with disability insurance causing things to vary from person to person so please reach out anytime you have questions on what this might look like for you and your situation. Nick Deas can be reached at [email protected] or (352)371-7977.