Disability insurance is one of those things you hope you’ll never need, but you’ll be glad you have it if the time comes. You won’t have to have an undetermined amount of money in a rainy-day fund dedicated to paying your bills if you are unable to work. You will have a policy that covers it should the need arise.
If you’re unsure about your current coverage or want to explore how disability insurance fits into your overall plan, I’d be happy to help. Schedule a no-obligation call and, together, we’ll build a plan that protects your future and gives you confidence in your financial decisions.
Ready to Protect What You’ve Built?
Disability insurance isn’t a one-size-fits-all solution. Your policy should reflect your income, expenses, and financial goals. That’s where planning comes in. I’m Philip Sessoms (aka Financial Phil), and I often help clients navigate the details, such as the difference between short-term and long-term policies, or whether supplemental coverage makes sense based on their unique situation.
In my experience I’ve found that the best financial plans include layers of protection. Disability insurance can be a vital layer, ensuring your family’s financial stability even when the unexpected happens.
A Plan That Fits Your Life
- Protecting Your Income
Your income is your greatest financial asset. Disability insurance helps ensure you can continue meeting your expenses—even if you’re unable to work for months or years. - Maintaining Your Savings
Without disability coverage, you might have to rely on savings or retirement funds to pay the bills. This can jeopardize your long-term financial goals. - Customizable Options
Disability insurance policies can be tailored to fit your needs, covering short-term or long-term disabilities and offering different levels of income replacement.
Why Disability Insurance Matters
According to a 2019 article by CNBC, “66.5 percent of all bankruptcies were tied to medical issues —either because of high costs for care or time out of work.” Disability insurance is designed to replace a portion of your income if you can’t work due to a disabling condition. It’s not just for workplace injuries—illnesses such as cancer, heart disease, or chronic conditions are among the leading reasons people file disability claims.
A common concern I hear is, “Doesn’t my employer’s policy cover me?” While many workplaces offer disability insurance, these plans often provide limited coverage that may not fully meet your needs. That’s why reviewing your options and understanding your coverage is so important.
What is Disability Insurance?
When most people think about protecting their finances, they focus on life insurance, retirement accounts, or savings. However, one critical piece of the puzzle is often left out: disability insurance.
If you were to became unable to work because of an illness or injury, how would you replace your income? Disability insurance can provide a financial safety net, ensuring that an unexpected event doesn’t derail your long-term plans.
