If you couldn't live comfortably without your income in the event you suffered a significant illness or injury, you need disability insurance. Disability insurance replaces a portion of your income if you become disabled and are no longer able to work. Typical policies will cover up to 60 percent of your current salary. Supplements and individual plans are available that will cover up to 80 percent of your current salary, with benefits lasting for a predetermined number of years or until you reach retirement age.
It's important to understand the difference between short-term disability and long-term disability.
Short-term disability begins when you're unable to work as a result of an illness, injury or the birth of a child. Most employers provide some type of short-term disability, with durations up to one year. Long-term disability coverage takes over when your short-term coverage runs out. While providing long-term coverage is not required, many employers do provide at least some type of long-term disability insurance.
If your employer does not offer any coverage – or if you are self-employed – talk to your First Midwest Financial Consultant about options to maintain your standard of living even if you can no longer work. Disability insurance products:
- Provide monthly income to help maintain your standard of living.
- Can be customized to fit your individual situation.
- Help keep your financial goals for the future intact.
Disability products protect your income when you need it most . . . so you can focus on getting better. Call 800-241-1749 to get connected with a First Midwest Financial Consultant today.Meet a Consultant