The Value of Disability Insurance for Maternity Leave
There are few things in your life that will compare to the excitement of a pregnancy. Simply put, it is a thrilling experience, and one you are never going to forget. Of course, along with the excitement of these nine months comes plenty of stress. First and foremost, you want to make sure everything goes well with the pregnancy from start to finish. There will be plenty of doctor’s appointments along the way, and the eventual labor and delivery. The idea of having a baby at the end of the journey makes it all worth it, of course, but it’s not exactly a relaxing process. To add a little peace of mind to the process, consider disability insurance for maternity leave.
No one plans on having a complication before, during or after delivery and but the number don’t lie, they happen more often than you think. For less than the cost of a cup of coffee per day, you can protect your family’s income stream from the unexpected 26 different complications of pregnancy with disability insurance for maternity leave policies.
In a perfect world, every pregnancy would go perfectly from start to finish. Unfortunately, we know that is not the case. There are many different complications which can take place, both during the pregnancy and during labor and delivery.
Also, there are potential complications which can take place after the delivery. Here are a few things that happen every day to women all over the world during pregnancy –
- High blood pressure
- Preterm labor
- Hyperemesis gravidarum
During labor and delivery, a number of other potential issues become possible, including the following.
- Breech position
- Placenta previa
- Low birth weight
- Excessive bleeding
- Uterine rupture (specifically in women who have had C-section previously)
It’s never fun to think about the ways in which a pregnancy can hit complications, but it is a reality of the process. While there is nothing that can be done to completely take the risk out of the situation, you can plan as completely as possible for a variety of scenarios. By taking out a disability insurance for maternity leave policy, you can provide yourself with a backup source of income if you are unable to work for a period of time. You want to be able to focus all of your energy and the well-being of both yourself and the baby, so knowing that you have disability insurance for maternity leave in place is a nice feeling.
No Reason to Roll the Dice
There is an interesting comparison to be made between insurance and gambling. When you gamble, you risk a certain amount of money in the hopes of securing a bigger payout. For instance, you may wager five dollars in the hopes that you double your money and wind up with ten dollars. Of course, in a casino, the odds are never really in your favor, but plenty of people play anyway. Some of those gamblers come out ahead, while most do not.
When you buy an insurance policy, things are a little bit different. Yes, there is still the notion of spending money without an assured return. You will pay your premium month after month, and there is no guarantee that you will ever need to make a claim. However, it is important to note that making a claim is not the only benefit to be associated with holding a disability insurance for maternity leave policy. Another benefit is the peace of mind and security that comes with having that policy in place. Sure, you may spend the money and not need to make a claim in the end, but that doesn’t mean the money was wasted. You used your money to purchase financial security, and that is a valuable thing to possess regardless of whether or not you need to actually cash in the policy. For help finding the right policy for your needs, contact Disability Insurance Coach right away.
It all boils down to this…
You only have three options to choose from when a pregnancy complication 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
It should go without saying that your biggest concern in the moment will not be with your financial future. You will be mostly concerned with doing everything possible to keep yourself and your baby as healthy as you can until delivery is complete. And that is how it should be. Which is why it is a good idea to purchase disability insurance for maternity leave in advance of running into any complications. Think about your financial future now so you can be free to think about more important things when the time comes.
Pregnancy can be tremendously stressful even when everything goes right. When complications are involved, the stress levels are off the charts. Since financial difficulty can add stress to any situation, you don’t want to pile one issue on top of another during this time of your life. Take out a disability insurance for maternity leave policy and know that you can fall back on it if necessary.
A Modest Cost
If you already have a child, you know how expensive life with kids can be. If you are pregnant with your first child, you are about to find out! There are a lot of costs associated with having kids that you simply don’t think about in advance. From basics like food and clothing to birthday presents, vacations, and much more, kids are expensive. They are worth it, but they are expensive.
Quick Tip: If you add in a social insurance substitute rider you can reduce your disability insurance premiums by 15-20%.
When viewed through the lens of your financial life with kids, disability insurance for maternity leave is a modest cost. For less than the cost of a cup of coffee per day, you can purchase a policy which will go a long way toward protecting your financial future. Just a cup of coffee! You don’t think twice when you decide that you want to buy a coffee in the morning, yet that coffee doesn’t do anything to sure up your finances during this stage of your life. The cost of this type of insurance is simply not high enough to justify taking the risk that comes along with proceeding uncovered.
We do need to mention at this point that you will not be able to cover yourself for a normal childbirth by purchasing disability insurance as an individual. Such a policy is only available with group or employer paid short-term disability insurance. What you will be covering when you purchase a disability insurance for maternity leave policy as an individual is the inability to work as a result of pregnancy complications. If you suffer a complication which leaves you unable to work for a period of time, your policy may step in and replace the income you have lost. So, you can make your work plans based on a normal pregnancy and know that the disability insurance for maternity leave policy is waiting to cover you if something unexpected occurs.
Thank you for stopping by, and we hope this post has caused you to stop and think about your financial planning during this important time of life. Disability Insurance Coach would be happy to help you sort through the various options in order to secure a disability insurance for maternity leave policy which is perfect for your needs. Please feel free to contact us today to get started. We wish all the best for you and your family!
Fill out the form on the left to get an immediate quote!