{"id":14911,"date":"2014-04-08T13:59:16","date_gmt":"2014-04-08T17:59:16","guid":{"rendered":"https:\/\/www.saratoga.com\/saratogabusinessjournal\/2014\/04\/be-aware-of-disability-insurance.html"},"modified":"2014-04-08T13:59:16","modified_gmt":"2014-04-08T17:59:16","slug":"be-aware-of-disability-insurance","status":"publish","type":"post","link":"https:\/\/www.saratoga.com\/saratogabusinessjournal\/2014\/04\/be-aware-of-disability-insurance\/","title":{"rendered":"Business Report: Be Aware of Disability Insurance"},"content":{"rendered":"
\n
\"robert\n<\/div>\n
Rob Snell, financial advisor, Edward Jones Financial in Saratoga Springs\n<\/div>\n<\/div>\n

BY ROB SNELL<\/p>\n

It probably doesn’t show up on your calendar,
\nbut May is Disability Insurance Awareness
\nMonth. And you might agree that such a month
\nis useful, when you consider the following:<\/p>\n

\u00e2\u20ac\u00a2 Three in 10 workers entering the workforce
\ntoday will become disabled before retiring, according
\nto the Social Security Administration.<\/p>\n

\u00e2\u20ac\u00a2 At age 42, you are four times more likely
\nto become seriously disabled than to die during
\nyour working years, according to National
\nUnderwriter Life & Health.<\/p>\n

\u00e2\u20ac\u00a2 Disability causes nearly 50 percent of all
\nmortgage foreclosures, according to Health
\nAffairs, a health policy research journal.<\/p>\n

Given these statistics, it’s not surprising that the Life and Health Insurance Foundation for Education (LIFE) sponsors Disability Insurance Awareness Month to encourage Americans to address their disability income needs. Here’s the bottom line: You can be really good at budgeting your money and you can be a disciplined long-term investor — but unless you’ve protected at least a reasonable percentage of your income, your whole financial strategy is incomplete. And all your goals, such as a comfortable retirement, could be jeopardized.<\/p>\n

Of course, you may not be totally unfamiliar with disability income insurance; if you work for a large employer, a group disability policy may be part of your employee benefits package.<\/p>\n

If so, you should certainly accept the coverage, which may be offered to you free, or at minimal cost. However, this coverage might be inadequate to replace the income needed to allow your family to maintain its lifestyle without dipping into your investments.<\/p>\n

Consequently, you might need to think about purchasing an individual disability insurance policy. Here are some tips:<\/p>\n

\u00e2\u20ac\u00a2 Look for a policy that is “non-cancellable” until you reach age 65. When you purchase a non-cancellable policy, your policy premiums can’t be changed, provided you pay them on time.<\/p>\n

\u00e2\u20ac\u00a2 Pick the right waiting period. Typically, disability insurance policies don’t start paying benefi ts immediately; there’s usually a waiting (or “elimination”) period ranging from 30 days to two years. Obviously, a shorter waiting period is more desirable, but it’s probably also going to be more expensive.<\/p>\n

You may be able to give yourself the flexibility of choosing the longer waiting period if you have created an emergency fund containing six to 12 months’ worth of living expenses, kept in a liquid account that offers significant preservation of principal.<\/p>\n

\u00e2\u20ac\u00a2 Avoid overly restrictive policies. You may want to avoid an “accident-only” policy or one with a limited benefit term (five and 10 years are common). These policies may be cheaper, but they don’t cover either a disabling illness or the entirety of your working life.<\/p>\n

\u00e2\u20ac\u00a2 Consider adding appropriate “riders.” It will likely add to the cost of your policy, but a cost-of-living rider will help protect your future benefits from the effects of inflation. You also might want to add a future income options (FIO) rider, which provides you with the ability to purchase additional coverage in the future with no further medical underwriting.<\/p>\n

These suggestions are general in nature. A financial advisor can help you determine if you need a private disability insurance policy — and, if so, what type of policy is best suited for your needs.<\/p>\n

But don’t wait too long to take action in this area. You can’t predict the future, but you should still prepare for the unexpected.<\/p>\n

Photo Courtesy of Edward Jones Financial<\/p>\n","protected":false},"excerpt":{"rendered":"

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