If you get disabled and are unable to work, what happens? Will you receive insurance benefits that replace some or all of your income? Will you be able to pay your bills? Here are some considerations regarding disability.
Goal: To help estimate the amount you may need, use this free calculator.
Risks: What are the odds of becoming disabled? CLICK HERE to find out the odds for your age. Do you have enough money to continue paying your living expenses if you cannot work for months or years?
Other People: Who is affected if you are unable to work? What insurance benefits are available through your employer? Have you signed up for that coverage?
Time: How long should the benefit last (5 years, to age 65, to age 70)?
Question: Do you have enough Disability Income Insurance?
As you evaluate your disability risk, keep in mind that it's essential to have a solid plan in place to protect your income and loved ones in case of unexpected events. Consider discussing your needs with a trusted financial advisor or insurance professional to ensure that you have the right coverage for your unique situation.
Remember to always verify the credentials of any financial professional you work with by using BrokerCheck (https://brokercheck.finra.org/).