You are 7 times more likely to become disabled before age 65 than to die, according to statistics
and marketing research organizations. This startling statistic brings to light the importance of
owning the correct type of insurance, even if you are young and healthy. Life insurance and
disability insurance are very different, so how do you prioritize?
Simply put, life insurance provides financial protection for your loved ones should something
happen to you. You may also gain access to living benefits, such as cash withdrawals from
Permanent type plans, or Living benefits that may be available to you in a Term plan should you
become ill from a terminal illness
You’ve probably heard of the different types of life insurance policies, for example term or
permanent insurance. Term insurance policies provide protection for a set period of time. If
you’re young and healthy, you may be tempted by the short-term security and lower prices of a
term contract, but permanent insurance policies can often be the better deal in the long run. We at
Adkins would be happy to discuss the different types of life insurance policies available today in
order for you to be prepared for the worst, even from the very beginning.
To many, disability insurance is viewed as an unnecessary or unaffordable expense, and Social Security Disability will take care of them. Social Security Disability could take several years to
receive any benefits and in most cases is not sufficient to a beneficiaries current needs.
Should you become disabled, your private disability insurance policy is designed to replace your
after tax income. Typically polices are written to replace 67% of your pre taxed income.
Disability policies generally provide monthly payments to you to cover your needs instead of
covering specific expenses.
Types of disability plans are some short-term and long-term. Generally, short term policies are
written for benefits from 2-5 years and Long Term disability policies are to age 65. Your policy
will describe the definition of disability and most polices will require you to be disabled for a set
amount of time before you begin receiving your benefits, so be sure to take a good look at the
specifics of your plan before signing any contracts.
We like to believe we are limitless and will live forever, however, we never know what tomorrow
may bring. Rest in the comfort that you are prepared for whatever may come by making an
appointment with Adkins Insurance at 417-883-4343 today. Knowledge is power and we are
happy to answer any questions you may have.