Friday, June 11, 2010
How Much Monthly Income Would You Need If You Were Unable to Practice?
In the event of a disabling accident or illness, you want to be sure you have adequate disability income insurance so that your monthly income can continue to pay the bills and support your family’s lifestyle. You want to be sure your disability income monthly benefits would provide for up to two-thirds of your monthly income. In addition, if you have a disability income plan at your firm, you may be taxed on the benefits if you do not pay the insurance premiums yourself. Concerned that disability income is too expensive? Consider taking out a plan with a longer waiting period before benefits begin to be paid. Perhaps you have a short-term plan from your employer that will cover you for the first six months of disability. If that is the case, a long-term disability plan with a 6-month waiting period may be a cost-effective plan for you. The longer your waiting period, the lower your rate may be. Give me a call to discuss your specific situation at 1-800-621-8981, ext. 6420.