Are your finances safe from a disability?

While no one likes to think about getting sick or injured, illnesses and injuries can happen at any time, and may even prevent you from working. Even if you have been putting money into a savings account or a rainy day fund and you feel you are prepared for the unexpected, an injury or illness can be financially demanding—especially if your income stops. Do you have a plan for income if you’re unable to work? The good news is that disability insurance can help you be prepared financially so you can focus on getting better—not on keeping up with your bills.

What is disability insurance?

Disability insurance may provide you with a percentage of your income or a flat dollar amount if you are unable to work due to a disabling illness or injury—such as a back injury, recovery from surgery, and maternity leave—and your claim is approved.

There are two main types of disability insurance—short-term disability and long-term disability—that may provide benefits on a weekly or monthly basis for a certain amount of time. When assessing your disability insurance needs, you should consider a policy that will help cover your everyday expenses (e.g., debt, housing costs, and out-of-pocket medical costs) so you don’t have to rely solely on your savings.

Help protect what you love with disability insurance

Disability insurance protects a portion of your paycheck—once your claim is approved—that can be used to help you stay on track with mortgage/rent payments, groceries, and other everyday expenses so you don’t have to depend on your savings alone. When you protect your ability to earn an income, you can focus on your recovery, not your finances, if a covered disability keeps you from working. With disability insurance, you can make a plan to protect what's most important to you.

SLPC 26257    11/14 (exp. 11/16)

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