When Should I Buy Disability Insurance?

If you do not have existing disability coverage in place, the time to buy is now. If you have some employer-sponsored coverage in place, you may need to purchase additional individual coverage to be insured adequately.

A Significant Part of Your Financial Plan

Disability insurance should be incorporated into your financial plan as soon as possible. This coverage can be considered as important to your planning as life and property insurance.

Furthermore, single individuals with little to no debt should consider securing disability insurance a top priority. Because these individuals do not have family to protect or significant debt to pay off at death, protecting their ability to earn income is important to their financial planning.

Don't Take Unnecessary Risk

The longer you wait to secure disability insurance, the more time you go uninsured and are exposed to risk. Also, premium costs go up over time, so the longer you wait the greater your premiums will be when coverage is obtained.

Another important reason to secure insurance as soon as possible is that the likelihood of developing a health problem increases over time, which may prevent you from securing insurance or may make it very expensive.

Get as Much Protection as Possible

Once you've decided to purchase disability income insurance, it then becomes important to secure a sufficient amount of coverage that is in line with your income and occupation. Even if you are covered by an employer's plan, you may not be covered to the maximum amount allowed by most insurance companies. Many times, insurers will allow you to protect 70 percent of your pre-disability earnings or more. It is a prudent financial strategy to secure as much disability income insurance as possible.

Contact us to discuss your need for disability income insurance today!