This is the insurance that pays you when you are unable to work. Although purchased primarily by professionals. (Doctors, Dentists, Lawyers, etc.) It is a good idea for anybody to have. If I were to ask someone which job they would rather have....
1) A job that pays you $7,500/month but pays you nothing if you are injured and cannot work.
2) A job that pays you $7,250/month but pays you $6,000/month if you are injured and cannot work
I would bet most people would take job #2.
Disability insurance is much more involved than life insurance because different insurance companies have different definitions about what it means to be disabled. In general, a good policy defines a person being at least partially disabled when they have either a 20% loss of income or a 20% loss of time on the job. Partially disabled means that you can begin receiving a portion of your benefit without having to be fully disabled.
After you throw in definitions of your occupation, taxes, cost of living increases, future benefit purchase options, and other types of options, it can become quite confusing.
Give us a call and we can help you sort through the confusion so that your greatest asset, your income, is protected. We contract with only the best disability insurance carriers including: Guardian/Berkshire, Met Life, Principal, Standard, Union Central, and more!