Disability Income Insurance
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With disability income insurance, you are purchasing a stream of income to be
delivered to you by an insurance company in the event you become disabled. The
policy features and benefits should be coordinated with your needs and premium paying
ability. As you evaluate disability income policy features and benefits,
remember that the choices you make will impact the premiums you pay and the
benefits you are entitled to receive.
Disability Income Action Checklist
| The Analysis… | |
• |
Estimate the income you will need in the event of disability. |
• |
Estimate the disability income that will be available to you from sources such as: |
| • Employer-Provided Short- and Long-Term Disability Benefits | |
| • Social Security (submit Form SSA-7004 to the Social Security Administration in order to receive an “Earnings and Benefit Statement” | |
| • Other Government-Provided Disability Benefits | |
| • Other Sources of Income (e.g., CDs, savings accounts, mutual funds) | |
• |
Determine the additional monthly income required to achieve your disability income objective. |
| To Implement a Disability Income Insurance P2*,4 | |
• |
Select type of policy and amount of personally-owned disability income insurance. |
• |
Evaluate and select appropriate optional benefits. |
• |
Establish insurability |
• |
Arrange for payment of premiums. |
It’s by managing your finances that you write the story of your life. You are both the author and the story’s principal character. Resolve to perform what you ought. -- Benjamin Franklin |
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