What happens if you get hurt and can't perform your own job?
If you work for a company and get hurt on the job, you're likely eligible for worker's compensation. However, if you get hurt off the job, will you be able to continue to pay your bills if you can't work?
Many companies still offer short and long-term disability for their employees. Depending on the details of each company's policy, these employees may be able to supplement their employer-provided coverage with an individual plan.
If you are not eligible for disability insurance at work, consider an individual disability policy. In addition to replacing your income for the short-term, or until you retire, you can have it increase with the cost of living and confirm that it continues to pay you and even continue your retirement fund contributions if you continue to be unable to perform your own occupation.
While we will make sure that we find a way to assist any eligible person who comes to us for help with disability insurance, our disability planning caters best to executives, physicians, dentists and professional athletes.
Business owners: if you do not want your business to shut down because you are unable to run it due to disability, you can put a Business Overhead Expense policy into place to keep the office bills paid until you are back on your feet, choose to replace yourself, or sell your company. It buys you time to figure out Plan B.
Do you want to roll the dice with your most valuable asset...your ability to generate income?