There’s two different kinds of disability insurance. There’s short term, running from six months to 24 months, and longterm, which runs from two years all the way out to your age 65 or 67. Now, when you’re unable to work due to illness or injury, what do you do? Well, there’s three different approaches people most often take. One, is they’ll live off of savings, the second, is they’ll move in with friends or family, and the third is they rely on disability insurance.
Some people are fortunate to have disability insurance through work. That’s great. Couple things to keep in mind. One, there can be monthly benefit maximums. So if your income is over a hundred thousand dollars, you may not be as covered as you think you are. Also, not all forms of compensation are covered. So while salaries are always included, other compensation like bonuses and commissions may not be. So it’s really important to understand what you have in those plans through work.
Disability insurance is an important part of our financial safety nets, and we would be happy to sit down with you to see how it may or may not apply to your situation. Thanks.
Call Sharer in Forked River NJ at 609-971-8300