Diana and Dale had an amazing blended family with successful careers and respect from the community. Dale purchased life insurance and disability insurance to make sure he covered death and injury. Without the policies that Dale purchased early in the marriage, the family would not have be financially secure and been able to continue living within the lifestyle they were accustomed to.
Disability insurance is one of those provisions that you just know you will never need, but you buy it any why. As I neared retirement I had to have surgery, and this surgery would not allow me to continue in the career job I had been into for over 35 years.
I had five years before retirement and still had a mortgage on my home for at least ten more years.
When I took out my mortgage 20 years ago, I had purchased a mortgage insurance policy for my house. This insurance is now paying my monthly mortgage payments. I never felt that me of all people need this kind of coverage. To tell you the truth it was a wise decision on my part. No one can foresee what is going to happen in the future.
Fortunately for me my employee disability insurance is paying me 60 percent of my baseline wages per month. Some policies may differ sightly, but this what my policy paid. This helped me a great deal when I added it to my wife’s income.
I applied for Social Security Disability and was awarded full retirement. Along with my mortgage insurance, my wife and I are going to be all right. I highly recommend disability insurance. You never know what the future holds, so it is best to be protected. You may be sorry if you do not take the proper steps to secure your future with disability insurance.
I read an interesting article on the Fortune magazine website: Don’t Let Illness De-rail Your Retirement. I thought I would share some of the information with you.
Everyone knows about the importance of planning for retirement, and most people underst and the importance of having life insurance in case the unthinkable happens. But many people don’t give much thought to what might happen if they are injured while still working and saving toward retirement. They can’t work, so obviously investing is on hold, and they weren’t killed, so life insurance is of very little help. It’s a difficult qu andary to be in.
According to the Society of Actuaries, one in three American workers will suffer an injury which will prevent them from working for three months or longer. If this was you, how would you replace that income? And don’t think that just because you don’t perform dangerous activities like skydiving or motorcycle riding excludes you from this statistic; according to the Consumer Federation of America and Unum, 90 percent of those who miss work do so due to health issues such as cancer and back problems.
So what can you do to keep you family from suffering what could be a catastrophic loss? Long-term disability insurance can help bridge the income gap. Most employers offer long-term disability coverage to their employees, but those policies only offer 10 percent of the covered person’s income. Purchasing a individual long-term disability policy can get you coverage of up to 70 percent of your pre-tax income. And you can opt to select “own occupation,” which will allow you to collect disability even if you could work another job. For example, if you were a airline mechanic that could work a desk job, you won’t be forced to take a job you don’t want while you recover enough to go back to the job you loved.
So contact us and let’s get you started with the coverage you need.
Susman Insurance Agency
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