
Disability insurance is essential if you depend on your income for support. It’s especially important for married couples, as a spouse can provide a second source of income if the other is unable to work. However, single workers are less likely to have a second source of income. This means that more people need disability income insurance. For example, a single worker with three young children has a higher need for disability insurance than a married woman.
Long-Term Disability Insurance
A long-term disability policy protects your income if you cannot work for more than six months. The insurance pays a percentage of your income in the event of your disability. This amount can be as much as 60% of your salary. The coverage amount is calculated by applying financial underwriting and based on the income you would earn if you were disabled. This amount does not include investment income … Read More