What happens when you get injured?

The advantages of disability insurance

If I asked you whether you’d take a $100K per year job, or take a $95K per year job that has the added benefit of a disability policy for $5K per year that would make sure you took home 60% of your pay for the rest of your life, if something bad happened, TAX FREE, which would you choose?

It seems like a silly question, but that’s how disability works. You pick how much of your pay you want to keep, in the event of a disability, and that basically sets the rate for your plan, with a few other things to fine-tune what you need.

Case in point: I know a chiropractor who was permanently disabled from being able to work on other people’s backs because he injured his own back. He had a policy that would pay him $60K per year for the rest of his life, tax free, and ended up filing a claim due to his injury. He began his own company to do another type of work so that he would not re-injure himself, but his $60K per year came in pretty handy. He could have had a bigger policy and NOT have had to work, but that is not what he chose. It worked for him, but it could have worked more to his advantage had he chosen an even better policy.

I know a surgeon who makes over $400K per year, and has multiple houses, boats and cars. He wanted to make sure that if he couldn’t use his hands as a result of an injury, he wouldn’t lose his fortune. His policy was $1500 per month. With the way it was calculated, he could keep all of what he had amassed, and not lose his shirt!

What will work for you? Let’s find out, but not after it’s too late! We’ll pick something in your price range to fit your income.

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