Imagine... Life Without A Paycheck. Can You Do It?

Unfortunately with the economy being what it has been for the last few years many don't have to imagine life without a paycheck because they are already living it right now but this question is not being directed to the unemployed.  This question is being directed to those who are currently gainfully employed via W2 or Self-Employment;  Can you even imagine your life, your family's life, your business life without your paycheck?

May is Disability Insurance Awareness Month and we, within the Insurance industry, are once again, bringing to the forefront the importance of "Protecting Your Paycheck" by investing in a Disability Insurance plan.

According to the National Safety Council, a fatal injury occurs every four minutes and a disabling injury occurs every second.  When a disabling injury or illness strikes, income stops. How would your life change if you suddenly had no money coming in to pay for things like food, rent or mortgage, utilities and other monthly expenses?  The good news is, with Disability Income insurance, you can protect your financial security -aka- your paycheck from the threat of disability.

The main source of disability income protection in the US is coverage provided by employers but if you have no coverage at all through your employer, then it is important that you explore the option of an individual plan.  The most flexible and reliable source of coverage happens to be a DI policy that you can purchase independently on your own.  An individual, privately owned DI policy is portable, meaning, you won't have to worry about losing coverage if you change jobs.

Disability Income provides a monthly benefit, most standard plans pay between approximately 45% - 60% of your gross income, when you suffer a covered injury or illness. It’s like continuing to receive a paycheck even though you can’t work.  Although there are several Insurance Carriers offering different, often customizable plan types to meet your specific needs, the basics of a DI plan are pretty much standard.  To get an idea of how much DI coverage you will probably need, here is a Calculator courtesy of LifeHappens.org.

If you would like to find out more about Disability Insurance coverage, please contact me.  I welcome the opportunity to assist you with planning for your financial future with Insurance.


Tina Little-Coltrane
Multi-State Licensed Insurance Advisor
Coltrane Insurance - 1-800-755-2896 x 101
Tina@TinaColtrane.com