Why Disability Insurance
At West Coast Global Insurance Services, we recognize that your ability to work and earn an income is one of your most valuable assets. While many people prioritize insuring their homes, cars, and other possessions, they often overlook the need to protect their income. This oversight can lead to significant financial strain in the event of an unexpected illness or injury.
Understanding the Risk
Consider this: if you were to become ill or injured and unable to work, how would you manage your financial obligations? Would you be able to cover your bills and maintain your current standard of living? Many people believe the likelihood of a long-term disability is low. In fact, 64% of wage earners think they have a 2% or less chance of becoming disabled for three months or more during their working career. However, the reality is quite different. Statistical data reveals that over 25% of today’s 20-year-olds will experience a disability before they retire. This highlights the importance of preparing for the unexpected.
The Importance of Disability Insurance
Every income earner should consider disability insurance as a critical component of their financial planning. Disability insurance provides a safety net by replacing a portion of your lost income if you are unable to work due to an illness or injury. This can be crucial in helping you maintain your lifestyle, protect your family from financial hardship, and avoid the need to liquidate hard-earned assets or incur significant debt.
How Disability Insurance Works
Individual disability insurance policies are designed to pay benefits if you are unable to work due to an injury or illness. Depending on the policy, some may also offer partial benefits if you can only work part-time. Generally, disability insurance can replace between 65% and 75% of your income, depending on the taxability of the benefits. This income replacement can provide peace of mind, knowing that you have financial support during challenging times.
Tailored Solutions for Your Needs
At West Coast Global Insurance Services, we offer a range of disability insurance options tailored to meet your specific needs. Whether you are just starting your career or are a seasoned professional, we can help you find the right coverage to protect your income and ensure financial stability for you and your loved ones.