As much as we may not want to think that money equals happiness, it does allow us to have the things we need and want. Money becomes very important when don’t have very much of it. This is something that can happen to you if you can’t work because you are injured, sick, or disabled. When someone can’t work they may think to turn to Social Security for their finances, but the best thing to do is to insure your paycheck with Disability Insurance now.
Option #1: Social Security
Many think that Social Security will come to their rescue when they can’t work one day. Although, it is an option, it is not a very reliable or financially savvy one. A recent statistic states that the average person will only receive about $1,100 a month to live on. Ask yourself:
- Can I live on this?
- Can I support my family on this amount?
- Can I pay my mortgage/rent and my bills on this amount?
- What if I have unexpected bill?
It is also crucial to keep in mind that applying to receive Social Security benefits is not easy. Most people are denied the first time they apply. When and if you are approved, it often takes months to start receiving benefits. In that long period of time:
- Do you have enough money in your savings to support you and your family?
- Will you have to rely on your credit cards and/or borrow money from others?
If your savings account does not currently have enough money to pay for everything you need, Disability insurance may be a better option for you.
Option #2 Disability Insurance
Insuring your paycheck with Disability Insurance makes sure that you will get money when you can’t work. Putting the policy in place now will safeguard your paycheck for the future. With this money, you can:
- Pay your rent/mortgage
- Utility Bills
- Car Payment
- Unexpected Expenses
This money will be a lifesaver. You will not have to dive into your savings, borrow from others, or max out your credit cards if you have money to support your lifestyle and family. Most importantly you will not have to rely on Social Security to support you financially.
Review Your Options With Us
Our advisors can help you weigh out which option will benefit you the most. It is important to review the pros and cons of each option in order to make the best decision for you and your loved ones.
Connect with us by filling out our brief Contact Form or call us directly at (800) 788-8921 to speak with an experienced advisor today.