• Skip to main content
  • Skip to header right navigation
  • Skip to site footer
Bautis Financial

Bautis Financial

Secure your Castle, Achieve your Dreams.

  • Schedule a Call
  • Podcasts
    • Agent of Wealth
    • Clear a Path
  • About
    • Our Approach
    • Our Team
    • Our Difference
  • Who We Work With
    • Individuals and Families
    • Small Business Owners
    • Retirees and Pre-Retirees
    • 401k Plan Sponsors
  • Insights
    • Blog
    • Business Valuation Advisor
    • College Planning Hub
    • Discover How
    • Learning Center
    • Risk Score
  • Client Access
    • Wealth Center
    • Orion
  • Facebook
  • Twitter
  • LinkedIn
  • YouTube

Disability Insurance Awareness Month: Are You Covered?

June 13, 2013 by Bautis Financial
Do You Need Disability Insurance?

Protecting your income is critical to your financial success. Discover if you should get disability insurance and/or income protection by asking yourself these six questions.

May is Disability Insurance Awareness Month (DIAM). Every year, in the month of May, The Council for Disability Awareness joins forces with others in the insurance industry to raise awareness about the importance of income protection. Discover why protecting your income is critical to your financial success by asking yourself these questions.

Do I Need Disability Insurance?

When it comes to becoming too sick or hurt to work, many people think, “It won’t happen to me.” But are you willing to risk your dreams and your family’s financial security by betting the odds?

Do I Need Income Protection?

One in four of today’s 20-year-olds will become disabled before they retire. The average long-term disability absence lasts over two and a half years. How would you pay your bills if you didn’t have a paycheck for two years or longer?

How Much is At Stake?

A 30-year-old earning $50,000 a year could earn more than $1.5 million by the age of 65. Disability insurance is not only for big paycheck earners. Your income pays for the big things: home, car, retirement. It also pays for the little things: Gym membership, smartphone, children’s dance lessons. If you become too sick or hurt, you could lose them all

Am I Protecting What’s Most Important?

People protect their homes, cars, lives and even identities with insurance. But often don’t think to protect their incomes. People are 240 times more likely to become disabled than to suffer a fatal injury.

Aren’t I Already Protecting My Income?

You may think you’re covered, but the protection you have likely won’t be enough. Group long-term disability coverage typically only covers 60% of your gross income, and the benefits are usually taxable (and capped at a certain amount). This means your take-home pay is further reduced.

  • Workers Compensation: Less than 5% of disabling accidents and illnesses are work related; the other 95% would not be covered.
  • Social Security: Of the 2.8 million workers who applied for Social Security disability benefits in 2011, 65% were denied.

Can I Afford Income Protection?

The premium for individual disability income insurance is typically just 1% – 3% of what you earn. If you are earning an income and can’t afford to retire tomorrow, you need disability income insurance.

Category: Insurance, Personal FinanceTag: Disability Insurance, Finance Tips, insurance, Personal Finance
Previous Post:Periodically Checking your Social Security Statement
Next Post:Retirement Income With Fixed Indexed Annuities

Sidebar

Featured Articles

bautisfinancial risk number

Recent Posts

How to Use Meditation as Business Growth Tool

Episode 175 – How to Use Meditation as Business Growth Tool With Anand Balasubramanian

September 29, 2023 By Bautis Financial

Gen Z Online

Gen Z Is More Likely to Fall for Online Scams Than Their Boomer Grandparents

September 28, 2023 By Bautis Financial

Pre-retiree working, downshifting and working longer

Downshifting: Working Longer and Loving It

September 28, 2023 By Bautis Financial

Bautis Financial Advisor Commentary: September 27, 2023

September 27, 2023 By Marc Bautis

New Home Sales Dropped In August As Mortgage Rates Climbed

New Home Sales Dropped In August As Mortgage Rates Climbed

September 27, 2023 By Bautis Financial

Blog Categories

  • Budgeting/Saving (37)
  • Business (55)
  • Clear A Path Podcast (6)
  • Client Resources (4)
  • College Planning Learning Center (2)
  • College Planning Podcast Series (3)
  • Daily Flash Briefing (1)
  • Education (36)
  • Estate Planning (18)
  • Finance News (664)
  • Insurance (29)
  • Investments (276)
  • Learning Center (26)
  • Lifestyle (54)
  • Miscellaneous (50)
  • Personal Finance (175)
  • Politics (23)
  • Real Estate (55)
  • Retirement Planning (109)
  • Social Security and Medicare (29)
  • Taxes (49)
  • The Agent of Wealth Podcast (174)
  • Uncategorized (109)
  • Videos (155)
  • Wealth Management (80)

Subscribe to Our Insights

Sign up to receive valuable financial insight and updates straight to your inbox each week.

Social

Follow along on social media

  • Facebook
  • Twitter
  • LinkedIn
  • YouTube

Contact

Bautis Financial
8 Hillside Ave
Suite LL1,
Montclair, NJ 07042
Get Directions
862-205-5800

Navigation

  • Schedule a Call
  • Podcasts
    • Agent of Wealth
    • Clear a Path
  • About
    • Our Approach
    • Our Team
    • Our Difference
  • Who We Work With
    • Individuals and Families
    • Small Business Owners
    • Retirees and Pre-Retirees
    • 401k Plan Sponsors
  • Insights
    • Blog
    • Business Valuation Advisor
    • College Planning Hub
    • Discover How
    • Learning Center
    • Risk Score
  • Client Access
    • Wealth Center
    • Orion

Copyright © 2023 · Bautis Financial · All Rights Reserved · Powered by Mai Theme

Return to top