Disability Insurance

Everyone who has good health wishes it would last a lifetime. But it does not always work out that way.

Injuries are possible. A debilitating sickness can have a significant impact on your life, future, family lifestyle, and financial security. 

A chronic condition or impairment may prevent you from working. Someone in your family may become injured and require personal care. Insurance cannot stop these events from happening. However, it can help you and your family cope.

Disability insurance pays you an income when a disability prevents you from working. With insurance, your family would be able to pay expenses and maintain financial stability.

Consider it this way. Assume you have a valuable piece of equipment. Day in and day out, the equipment functions properly. It allows you to earn a significant sum of money each year. Without a doubt, you would insure that piece of equipment in case it broke down. Many people consider their greatest asset to be their home. However, the ability to earn an income is your greatest asset. Most people will make 4-5 times or more the value of their house in a career. Therefore, it is important to protect your ability to earn should something happen.

To arrive at the necessary coverage needed for disability insurance we use the Income Replacement Tool. This tool factors in all your monthly expenses such as mortgage, car payment, fuel bill, utilities, groceries, insurance premiums, childcare, extracurricular activities, etc. to arrive at your total monthly expenses. We then use this as our basis for insuring the correct amount of disability insurance. 

There are many intricacies of disability insurance that need to be considered and planned for when designing a plan for a client. Thomas J Power Insurance and Investments has that knowledge to guide clients through the process of protecting themselves using disability insurance.