Don’t be a ‘Menace’ to Your Money if You Become Injured or Sick
“Dennis the Menace!” Mr. Wilson, are you kidding! You let that disastrous Dennis near your new racket and, of course, now YOU need stitches and a head CT! So, why don’t you have disability insurance? In fact, we’re surprised this problem child hasn’t knocked some sense into you yet. If he had, you could replace your income, while you recover from your injuries. Wise up man; you need some protection. Remember, you live right next door to the neighborhood nuisance!
We, at Achieve Financial Group, are coming over for a backyard barbecue. Keep in mind that we’re just trying to help you with an overall income replacement plan, in case you have any more “accidents.” If someone is retired, on the eve of retirement or a non-working spouse, they won’t need it. But you’ve got a job and you can’t afford to lose income every time some little boy causes a calamity! So here are some options for disability insurance:
- Disability insurance coverage – Disability insurance will cover a large portion of your income if you’re unable to work due to an injury or illness. You may need additional disability insurance if you’re employer does not offer enough through a group disability plan.
- Short term disability policy – Through an employer, an employee will typically receive about 66% of their income, which will kick in 7 days after the disability occurs and lasts for about 11 weeks.
- Long term disability policy – A long-term disability plan won’t start until the short term disability policy ceases to provide benefits.
- Short term policy and the long term policy gap – long term benefits may not begin until 26 weeks after the disability occurs.
- Additional long term insurance – You may be able to purchase additional long term insurance through your employer.
- Own Occupation – Disability insurance through an employer usually has an “own occupation” of just two years. So, after two years of receiving disability, it’s assumed that you’ll be able to physically perform a different type of job.
- Deductibles – Opt for the highest deductible to save more money with sufficient protection.
By George, we think you’ve got it! You’ve had a Ruff time, but now you have disability insurance and finally some peace of mind. Now, until the next time this juvenile messes up, you can be content with the satisfaction that you put a finish to at least one menace. #AchieveMore