Income Replacement Insurance is commonly known as Disability Insurance. This type of insurance is one that many people are not aware of, but it is extremely important to have. Having a Income Replacement Insurance policy, insures your income if you are ever in a situation in which you can not work and earn an income due to being injured or sick. This means that the insurance policy will provide to you a part of your income while you can’t work in order for you to continue paying your daily bills such as, groceries, your mortgage, daycare, car payments, school loan bills, etc.
Income Replacement Insurance has been a lifesaver to many individuals and families because it allows them to continue their lifestyle by being able to pay for their daily living expenses. Otherwise, many families end up in financial ruin due to not being able to pay their expenses because the main income earner of the family is not being able to work because they have an illness or injury.
Why Would I Not Be Able to Work?
This type of insurance becomes “activated” when you are not able to work due to an illness, injury, or disability. That may seem far fetched to some people because it is difficult to picture yourself sick or disabled. But there are many situations in which you may find yourself injured or ill to the point where you can’t work:
- Car Accidents
- Work Accident (falling down the stairs, slipping on the floor)
- Sporting Accident (jet ski, parasailing, snowmobiling, skiing, sky diving)
- All of a sudden being diagnosed with a debilitating illness or disease
- Back Problems or other body parts
- Mental Health Issues
- Substance Abuse Issues
Nearly 1 in 3 Americans become disabled at some point in their life. That doesn’t mean they will be disabled forever. It means that they can’t work at some point. By not having Income Replacement Insurance, paying for the necessities of daily life will most likely come out of your life savings.
Quick Tidbits About Income Replacement Insurance
- It can be bought as “short term” or “long term”
- It may be offered through your employer, but those policies are often not in favor of the employee
- Income Replacement Insurance works well with Supplemental Disability Insurance plans
- Your monthly benefits depend on what you choose at the time of you purchasing the policy
- You can’t purchase an Income Replacement Insurance policy if you are already disabled and can’t work
- You can cancel your policy at anytime
We as people like to insure the things in our lives: houses, cars, jewelry, our health, but why not insure your paycheck? By doing this, you can rest assured that if you have an accident or become sick and can’t earn an income, you will still be able to pay for the things you need and provide for your family.
Getting Started with Income Replacement Insurance
Our Income Replacement Insurance agents can be contacted through our Contact Form or can be called at (800) 788-8921 in order to begin the process of you protecting and insuring your paycheck. We can customize it according to your budget and lifestyle. Get started today!