Our income stream is our life line. As a working professional, you likely have a range of financial obligations to yourself and perhaps others. You likely have responsibilities such as a mortgage or rent, retirement savings and everyday expenses. What would your life look like if you suddenly couldn’t work because of an accident or illness? You will still need to fulfill your commitments and provide for your loved ones. Even if you have group long term disability income insurance through your employer, it may not be enough, or the right kind. Properly designed, Individual disability income (DI) insurance available through Caprock Insurance Partners may help protect more of your income if you become too sick or injured to work for an extended period of time.
When you add up your income throughout your career, it will most likely be your single biggest asset. Without it, your ability to support yourself and your loved ones, as well as the future you envision, may be in jeopardy. With so much as stake, it is critically important to help protect a portion of your income with DI insurance.
Occupation Specific Policy Language
Are you in a specialty medical field? If so, it is likely that you have made a tremendous investment in yourself and your career. What if you were unable to perform the duties of your current occupation? With a properly designed policy that includes Occupation Specific coverage, you may be able to collect disability insurance proceeds, even while working in another capacity, if you choose to do so.
Your life and needs may change over time. Individual disability income insurance policies may be customizable, so you can prepare for the future. For example, you may be able to choose to add a rider to your policy that allows your coverage to grow as your needs change or your annual income increases. Other riders may offer income protection for your specific occupation, a partial disability, or student loan protection.
You’ve worked hard to save for retirement, so it’s critical to protect the nest egg you’ve built. Since DI insurance can help you meet your current financial obligations if you become too sick or hurt to work, you may be able to avoid tapping into your retirement savings. You may also be able to purchase a DI policy designed to help you continue saving for retirement if you become too sick or hurt to work. These policies can help replace an amount equal to the contributions you would have made to your defined contribution retirement plan if you had not become disabled.