Disability Insurance Plans in NY
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Do I Need Disability Income Insurance?
Although most of us are aware of the need for health insurance coverage
when determining our risk-management needs, many of us fail to consider the
possibility that we could become disabled. A disability income insurance policy
can help replace income lost because of an injury or illness. Few people would
have an adequate “war chest” for an extended battle with a loss of income.
Unfortunately, many of us will need disability income protection before we
retire. Without the appropriate coverage, a disability could spell financial
disaster.
Disability at any age can disrupt income while medical expenses mount. Unless
you have a battle plan, the effects of even a short-term disability could be
financially debilitating and emotionally devastating.
Disability Protection In the event that you become disabled and are unable to
work, the benefits provided by disability insurance can help replace a portion
of your earned income.
The appropriate amount of disability coverage will depend on your particular
situation. However, there are a few issues you may want to consider.
First, consider carrying enough coverage to replace at least 60% of your
earnings. Many companies limit benefits to between 50% and 80% from all sources
of disability income prior to the disability. This would mean, for example, that
the amount of any Social Security disability payments you receive could be
deducted from your benefit amount.
If you are concerned about the cost of a private disability insurance policy,
consider extending the waiting period, which is the time between when the
disability occurs and when you start receiving benefits. Choosing a 90-day or
180-day waiting period (instead of 30 days) may help lower your premium.
Be sure to compare and review policy benefits carefully. Disability insurance
can be an affordable way to help protect your assets in the event of a
disability.
This material was written and prepared by Emerald Publications. © 2007 Emerald Publications
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