#5. Don’t forget about disability insurance.
If you and your family depend on your income, then you need to make sure you have disability insurance. Ask yourself honestly if you were sick or injured and unable to work, how long could you survive financially without your paycheck? In a survey that Life Happens did we found that most Americans would feel the pinch in a month or less. Keep in mind that Social Security pays disability benefits that average around $1,100 a month, and it can take a year—often much longer—to even get that payment.
Disability insurance pays you a portion of your income if you become sick or injured and unable to work. It may be offered as part of your benefits package through work, but be sure to double check with your HR department, and find out what percentage of your income is replaced (often 60% or less). You can also purchase an individual policy, which you own, and so isn’t dependent on your benefits package being reduced or even eliminated. To get a working idea of how much you might need, call us today and we will get you all set up! 909-593-8923