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Some people are fortunate enough to have some insurance of this type provided by their employer. However, employer-provided coverage will likely stop if you leave the job and there's a good chance it won't meet all of your needs or the needs of those you leave behind.
Even if your employer provides you with these policies, you can still purchase your own policies to supplement what your employer provides. We recommend working with our financial experts to determine how much coverage to purchase. There is a very wide range of life and disability income policies available, and it's best to have our experts help you decide what types to consider and how much to purchase. Although it's tempting to purchase life insurance on the internet, the internet can't provide the professional consultation needed to determine the needed coverage.
Life insurance is a relatively simple concept. If the insured person dies, the policy pays the beneficiary the amount specified
on the policy. There are, however, dizzying varieties of life insurance products available today. Some policies accumulate cash value, some pay back your premium if you don't die during the policy period, some integrate long-term care into the mix, etc.
Disability income insurance can replace lost income. Forty-three percent of all people age 40 will have a long-term (lasting 90 days or more) disability event by age 65. The challenge with disability income is determining how much to purchase and how long to wait after the injury before the policy starts paying out. And there might be other sources of income if you are disabled, depending on how badly you're disabled, if you were disabled on the job, etc.
Please read through some of the articles posted on this website and/or contact our office for a free consultation with a licensed expert.
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