Comprehensive Disability Planning to Keep You Protected
No one wants to think about the possibility that you may one day become disabled and unable to work. Sudden disability can upset even the most careful financial planning, forcing you to deplete investment and savings accounts or sell other valuable assets in order to provide an income and pay debts. Fortunately, there are affordable disability planning options that can guard against possible disability, helping you protect your family’s future. With some experienced disability consulting, you can put the protections in place that your family needs.
Short-Term Disability Is a Realistic Possibility
Most people will face at least short-term disability once in their lifetime, whether due to illness or injury. While a short-term disability may not be as debilitating as a long-term disability, it can disrupt your future just as easily. Depending on where you are in your life when you become disabled, you may need to pay your mortgage, pay your children’s college education, and otherwise provide for your family. Even a short-term disability can quickly deplete your savings and other assets. Careful disability planning can protect your income and help keep you on track with your financial goals.
Long-Term Disability and the Cost of Care
Most people are worried about long-term disability and the potential need for long-term care. This is certainly understandable, as the cost of long-term care continues to rise. As a result, many clients of ours come to us considering whether long-term care insurance is the right option. Unfortunately, long-term care insurance can be very expensive and many clients will be medically ineligible, especially older people. However, some careful disability planning can offset the consequences should you one day become unable to take care of your family.
Should You Consider Disability Insurance? Disability Consulting Can Help
Disability insurance is an important lifeline for people who suddenly find themselves unable to work. There are two basic types of disability insurance:
- Short-term disability insurance, that will pay a predetermined portion of your income in the event that you are unable to work for up to a few months.
- Long-term disability, which typically pays a percentage of your income if you are unable to work for six months or more.
While many employers offer disability coverage, it is important to understand what those policies cover and the limitations they may have. As a result, an important first step in disability planning is to review any existing disability coverage you may have with an experienced disability consultant.
From there, you can consider various individual policies that may be available to you. Unfortunately, not all policies are created equal, and choosing a policy based purely on the monthly premium isn’t likely to provide the coverage you may need. As part of the disability consulting process, an experienced insurance agent will be able to identify the policies you should consider, compare and contrast the available policies, and help you choose the best policy for you and your family.
Contact Alpha Crypto Consulting for Your Disability Planning Needs
With over 10 years of experience in the financial planning and insurance industry – including disability consulting – Alpha Crypto Consulting founder Kris Montgomery can help you find peace of mind through careful disability planning. To discuss your financial goals and how we can help protect them, call or email us today.