As a professional, your ability to work and earn a living is your greatest asset and you should protect it. So, if you have group disability benefits at work or a small supplemental policy, is it enough to protect you in the event of a long-term illness or injury?
You should take a closer look at your benefits. It just might not be enough. Even if your health insurance covers medical expenses, that benefit does not replace your income for household expenses such as rent, loans, utility bills and car payments.
How Much Disability Insurance Do I Need?
Disability benefits rarely cover 100% of a worker’s income. Typically they add up to about 60% of your gross salary which could leave you with a gap in income to pay your bills. The first step in developing a plan of action is to determine your monthly income and expenses:
- Rent or mortgage
- Utilities (electric, gas, water, cable, phone)
- Loans (student, car, personal)
- Medical expenses
How much would you need if your paycheck suddenly disappeared? That’s a great place to start in determining your Disability Income Insurance need.
If you have a policy already, you may be eligible for additional coverage.
It’s great if you already have a Disability Insurance policy. But when is the last time you reviewed your policy? Will it still cover all of your financial needs? It’s always a good idea to look at it from time to time to make sure it still works for you. A Personal Planner at PFP | The Family Security Plan® can help!
We believe in being here for you!
Let us help provide peace of mind for your family. For more information about PFP | The Family Security Plan® and our portfolio of supplemental insurance products, visit our product page or call 855-789-4976 to speak with a dedicated PFP | The Family Security Plan® Representative.