In many ways, there has never been a better time than now to be in charge of your financial future. The internet has brought countless financial tools to your fingertips, including investment opportunities, online management of your bank accounts, and on and on.
However, even with all this information available, it usually makes sense to seek out the help of a professional to chart a financial path that helps you meets your goals. And, when you do turn to a financial planner for assistance, you will likely find that they suggest long term disability insurance as core part of your planning. To find the right policy for your needs, click here to start working with Disability Insurance Coach.
Telling You to Spend?
At first, you might think of this advice as a bit strange. After all, financial planners are usually telling you to save money wherever possible – to make sure every penny is put to good use. Building a strong savings account and positioning yourself for the future doesn’t involve spending money unless it is necessary.
Financial Planning and Disability Insurance Go Hand In Hand
So, why purchase an insurance product which isn’t technically required? You must have car insurance to drive, for example, but there is no one forcing you to take out a long-term disability insurance policy.
It all comes down to seeing the big picture. Yes, buying a long-term disability insurance policy will require you to spend money on your monthly premium. However, that expense can be looked at as an investment. An investment in your future, one that you may or may not need to take advantage of down the line . When you use Financial Planning and Disability Insurance your big picture is now protected from the unexpected.
You simply don’t know if you are going to need disability insurance at some point in the years to come. Instead of hoping you will avoid the need for disability coverage, most financial planners will tell you to play it safe and pick up a policy. Compared to the relatively modest cost of the premium, the coverage you stand to enjoy is well worth the cost over the long haul.
A Steady Ship
When you are trying to chart a path toward a healthy financial life, much of what you are trying to do is ‘smooth out the bumps’. After all, it’s pretty easy to handle the financial side of your life when things are going as expected, right? You know how much money you make each month, you figure out things like how much you want to save/invest, and you put together a simple budget. Whether you work with a financial advisor or not, it’s pretty simple to get organized when life goes as planned. Financial Planning with Disability Insurance is smart, it’s used to protect you from the unexpected.
It is when those plans deviate from your expectations that you are most likely to run into trouble. Being unable to work for a period of time is a perfect example of this concept. With your income suddenly cut off, all of your financial planning will have been for naught. You must incorporate Financial Planning and Disability Insurance at the same time.
You won’t be able to contribute to your regular investments, and you might not even be able to pay your bills. Depending on the length of time that you are forced to be away from work, this single event could easily set you back years from a financial perspective. It is not an exaggeration to say that your finances may never recover from the damage that is done while you are off the job due to an injury or illness.
It all boils down to this…
You only have three options to choose from when the unexpected accident or illness happens, and your payroll deposit stops:
- You can deplete your savings and retirement accounts
- You have a wealthy family member that will pay bills for you
- You planned ahead and have a disability insurance policy in place that delivers monthly, tax-free cash to your bank account, until you are ready to go back to work
Any financial planner will tell you that only one of those three options should really be on the table. You probably d
on’t have a rich relative to ask for funds, and you certainly don’t want to drain your savings and/or retirement accounts in order to pay your bills. Holding a long term disability insurance policy is the way to go, because it allows you to stick with your overall financial plan despite having to miss work for an extended period. When you use Financial Planning and Disability Insurance your future plans are now protected from the unexpected.
In the world of financial planning, predictability is the name of the game. A monthly premium to buy disability insurance is acceptable because it brings predictability into the equation. You can’t know if you will become hurt or sick, but you can know that you are covered in that event.
The premiums you pay in the meantime are simply built into your budget, and you know about them in advance. Holding long term disability insurance is going to take at least some of the unknown out of your financial future, putting you on firmer footing. There will be no need to scramble or panic if you have to miss work for a while. Instead, your policy will simply step in to replace your income, and you will focus on recovery.
Ask for Help
Once you have made the decision to purchase a long-term disability insurance policy, your thoughts will quickly turn to how you can make that happen. Where do you start? How much coverage do you need? How much should you have to pay each month? There are plenty of questions, and it can be a bit tough to sort through it all – unless you have experience in the business. You probably don’t have that experience, but we do. Contact Disability Insurance Coach today for assistance with the task of finding the perfect policy. When you use Financial Planning and Disability Insurance you are now protected from the unexpected
A lot of people think that Social Security will be there for you if you are sick or injured. Check out the facts about Social Security Disability Insurance here. And if would like to know how you can incorporate your Social Security Disability Benefit into a private disability insurance policy you can read my article about the Social Insurance Substitute Rider.
As is always the case when shopping for any kind of insurance policy, picking out disability insurance coverage is about striking the right balance between coverage and cost. You want to get as much coverage as possible for your budget, but you don’t want to push that budget so far that is causes problems in your current financial picture. The key is to think about what your needs will be if you wind up needing to miss work for a period of time. How much money will it take to cover all of your bills on a monthly basis? This might not need to be the full amount that you usually receive on your paycheck, but it probably should be close.
If you decide to work with Disability Insurance Coach, we can help you settle on the right policy. We have experience in this industry, and we know how to sort through all of the options to find a policy that matches up nicely with the client. In the end, we think you will be happy with the policy that we help you find, and you will enjoy the peace of mind that comes with adding a layer of financial security.
In the end, it doesn’t really matter if you work with a financial planner or not, the message should be the same – long term disability insurance is a good idea. This is a valuable financial planning tool which can be yours for a relatively modest monthly expense. If you aren’t covered under a policy as part of your employment, purchasing one private is the way to go. Thank you for taking the time to visit, and we hope one of our highly trained Disability Insurance Coach’s can serve you soon!