May is Disability Insurance Awareness Month and Gaspar Insurance Services will be providing you with a daily dose of information on:

  • What is Disability Insurance (DI)?
  • What are the benefits of DI?
  • What are the risks of not have DI?
  • Statistics regarding disability
  • Etc.

So what is Disability Insurance?

We often refer to disability insurance as income protection. Why? Because it protects your income if you become to sick or hurt to continue working. Click on the link below and view a video that gives you a brief overview of DI and why you should consider obtaining the coverage:

Video: Do You Need Disability Insurance?

As you reach various life events, many things can change your financial situation. A marriage, a new baby, new Career or a new home that should prompt a re-evaluation of your financial portfolio, which should include a DI policy. Otherwise, how will you have the income to pay the mortgage, support your family, prepare for a college education or pay your bills.

Why Should You Protect Your Income?

Because disabilities happen and they can last a long time.

Do I Need Income Protection Large

Don’t forget that disability insurance and life insurance go hand in hand. Disability Insurance provides a living benefit and Life Insurance provides a death benefit. Each provides protection to different parts of your overall insurance and financial plan that should be reviewed annually to determine if any adjustments are required.

How Does Disability Insurance Protect your Retirement?

A disability impacts more than just your paycheck. If you became disabled and no longer received a salary, you may not be able to contribute to your retirement plan, contribute to socialsecurity and worst, have to spend down your retirement savings to pay current bills.
The benefits of having a properly designed Disability Policy is that it would begin paying monthly benefits, after an elimination period has been satisfied, once you become sick or hurt to help pay daily living expenses. If desired as a benefit, your DI Retirement Security bnefits are invested on your behalf into an irrevocable trust to help you continue saving for retirement. Then at age 65 or 67, you can receive payments for the trust until the benefits are depleted helpin you enjoy your retirement.

What Is Your Lifetime Earnings Potential?

Don’t underestimate your lifetime earnings potential(Hint: It’s probably in the millions). To calculate how much you can expect to earn between now and retirement by using the handy Earnable Income Quotient Web Application.

In closing, you can’t prevent the unexpected from happening, but you can prepare for it! Just like you protect your home and car, or even your pet, you can protect your income.

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So take the first step in protecting you paycheck, family and retirement by contacting us for your free no obligation Disability Insurance Quote. You can find out out how much more expensive it is to go with out coverage, than with!