Disability Insurance

The Importance of Disability Insurance

Your ability to earn an income is one of your most valuable assets. Disability insurance protects this asset by providing financial stability when illness or injury prevents you from working.

Purpose of Disability Insurance

1. Income Replacement: Disability insurance replaces a portion of your income—typically 60-80%—if you’re unable to work due to a qualifying illness or injury[1][2].
2. Financial Security: It ensures you can continue to pay for essential expenses like rent, mortgage, utilities, and groceries while recovering[1][6].
3. Comprehensive Coverage: Unlike workers’ compensation, disability insurance covers both work-related and non-work-related disabilities, such as chronic illnesses or injuries from accidents[3][4].

Why You Need Disability Insurance

1. High Risk of Disability: Statistics show that 25% of today’s young workers will experience a disabling event before retirement age[2][6].
2. Unpredictable Costs: Medical bills and lost income from a long-term disability can lead to financial hardship, with many families unable to sustain their lifestyle without assistance[5][6].
3. Coverage for Non-Medical Expenses: Disability benefits can be used for any purpose, including childcare, education costs, or retirement contributions[1][4].

Key Benefits

– Short-Term Policies (STD): Provide income replacement for temporary disabilities lasting up to a year[1][8].
– Long-Term Policies (LTD): Offer extended coverage for severe or permanent disabilities, often until retirement age[1][8].
– Customizable Options: Policies can include features like own-occupation definitions, partial disability benefits, and flexible waiting periods[1][5].

Who Should Consider Disability Insurance?

– Professionals with dependents who rely on their income.
– Self-employed individuals or small business owners without employer-provided coverage.
– Anyone seeking financial protection against the unexpected loss of earning capacity.

Disability insurance is essential for maintaining your financial security when life takes an unexpected turn. Call Robert Davenport today to explore personalized policies that safeguard your income and future!  Call me at (804) 599-4718 and ask for Robert Davenport.

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