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Foreclosure Fears Due to Disability
We are all familiar with stories of lives changed through tragic accidents. We try our best to protect ourselves by not taking risks, by being careful. But things happen. We hopefully have life insurance in place to ensure that our loved ones are protected, in the event of untimely death.
But what if we are “only” disabled? How will you make your mortgage payments? Will you lose your house? These are important questions for income earners of all ages. While those employed with larger organizations typically have group benefits that provide Long Term Disability, others working for smaller organizations, or those who are self-employed may not have coverage.
Did you know that we have a 45% chance of being disabled for 6 months or more during our working career? One of the best ways to ensure that you and your loved ones are protected while your income is missing is disability insurance.
There are many kinds of disability insurance. The most popular and also the one with the most options is monthly income protection or long term disability. This will provide you with tax-free income in the event you are unable to work due to accident or sickness. If your income was $3,000 a month, you may be eligible to receive $2,000 a month tax-free. This is likely to approach your after-tax income so you and your family are protected. The same ratio applies to those in other tax brackets.
Another popular form of disability insurance is Critical Illness. This pays a lump sum in the event you are diagnosed with one of the dozen or more diseases listed in the policy. The benefit is tax-free and may be used for any purpose you desire. Many use it to pay the cost of medical treatments, others have simply used it to travel, the choice is yours. This is a great policy to put in place for those you care about, who may not have an income to protect, and yet are vital to the family, a non-working spouse for example. If your spouse were disabled, what would you have to pay, in order to make sure that all the work the spouse does at home, still gets done? Critical Illness can provide the funds to help with this.
The peace of mind that comes with knowing your family is protected, is very satisfying. It is hard enough dealing with the mental anguish of trauma or disease, and then having to worry about financial concerns. The security of knowing you are covered is essential.
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