Paycheck Protection Insurance

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If you were unable to work for an extended period of time due to an injury or illness, how long would you be able to pay your bills and meet your day-to-day expenses? Do you know how much income you would receive from outside sources -- and for how long?

An often overlooked asset people do not protect is their paycheck. Sure you might have Disability Insurance through work, but these group plans often come up short on what you would actually need for you and your family to survive should you become disabled.

Just like life insurance, disability insurance is protection for your future income. However, the likelihood of you becoming disabled is much higher then death. You are 6.5 times more likely to become disabled then the chance of death and 1 out of every 3 people between the ages of 30 to 64 will become disabled.

The first place to look at for coverage is with your employer. If you have some, see if it is enough and if not, see if you can purchase additional coverage. If it is not enough, consider purchasing a private policy in order to fill the income gap or any benefit restrictions. Private policies are more expensive, but they do have some nice advantages:

1. Your benefit payments are tax free. With your employer sponsored plan you will have to pay income taxes reducing your actual take home pay.
2. Your policy is not tied to your job. If you decide to leave your job to hike the Himalayas, your disability policy will follow.
3. If you are highly compensated and/or skilled, private policies offer higher benefit limits and liberal disability provisions (own-occupation coverage).

The bottom line: If you depend on your income to pay the bills, you should have Disability Insurance