Disability Insurance

Disability Insurance

A disability insurance policy can protect your family, your assets and your lifestyle if you become ill or disabled.

Visionary Financial Group can help you with a disability insurance policy to replace a portion of your income if you were to become ill or disabled and couldn’t work. A typical group plan offered by an employer might replace up to 60% of your salary, while supplemental plans and individual policies may cover up to 70% or 80%.  Disability insurance benefits typically last for a fixed number of years or until you reach retirement age.

Disability policies, their coverage and insurance companies who offer them vary widely.  It is important to get the advice of a seasoned, qualified, knowledgeable financial professional to help you decide what disability insurance plan is right for you and your family.

Group Plans: Many employers offer disability plans with benefits that last for up to five years, but these plans may not meet all of your needs.  Many group plans generally only insure your regular base salary.  And some group plans require you to get job training or seek other types of work after a certain period of time.

Individual Plans: Individual disability insurance can supplement what you get from your employer by allowing you to insure an additional 10% to 20% of your income. An individual policy stays with you when you switch jobs and the money you receive is not offset by other benefits, such as Social Security.

Short-Term vs. Long-Term Disability

Short-term disability insurance, or sick leave, begins as soon as you’re unable to work due to an illness, injury or the birth of a child.  Most employers provide some type of coverage, ranging from just a few days to as much as one year.  In some cases, the number of weeks you’re eligible for sick leave is based upon how long you’ve worked at the company.

Long-term disability insurance takes over once your short-term disability benefits run out. Some employers provide some level of long-term disability insurance.  However, it may be best to buy an individual long-term disability plan or to supplement your employer-based insurance.  The financial benefits and disability insurance professionals with expertise at Visionary Financial Group can help you make the right choices based on your individual situation and how much short-term disability coverage you have.

What would happen to your family and your lifestyle if you became ill or disabled tomorrow?  Call Shelly Dodge at 972/539-0002 today to schedule a complimentary consultation to review your financial goals and discuss your disability insurance options.