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Financial Health

for Healthcare Professionals

Is Disability Income Insurance Worth It?

2
You insure your most valuable claims . And, disabilities are more Many people have what’s called group good idea to have a plan in place, so
assets like your home, your car and common than you might think. In long-term disability insurance that if you ever did become disabled
your life. Most people would agree fact, one in four 20-year-olds will through their employer. you could still cover your expenses
that they’re worth protection; howev- become disabled before they reach If you leave for another job, you and provide for the people who count
3
er, disability income (DI) insurance is retirement age . may not be able to take your disability on you.
something people tend to be less cer- coverage with you and your new
tain about. They’re not sure if they What Is DI? employer may or may not provide the Provided by Coastal Wealth, courtesy of
really need it, or if it’s worth the cost. DI is insurance for a portion of your same benefit. Additionally, if your Massachusetts Mutual Life Insurance Company
(MassMutual) © 2016 Massachusetts Mutual Life
There’s no cut-and-dried answer, but income. And your income is your employer pays for the policy, the ben- Insurance Company, Springfield, MA 01111-0001
there are some strong arguments to be most valuable asset. It’s what pays for efits you would receive if you became FY1091
made in favor of DI. your essential expenses like housing, disabled would be taxable.
food, utilities, clothing, transporta- Most important, the kind of disabil- CRN201809-204867
What Are the Chances tion, as well as your not-so-essential ity insurance you get from work typi- 1 Council for Disability Awareness 2014 Long-
You’ll Need It? ones. Your income may help support cally only covers about 60 percent of Term Disability Claims Review; Disability Claims
When you think about the kind of members of your family, too. your income, not including any by Diagnosis.
disability that could keep you from If you had to stop working due to a bonuses or commissions you may nor- 2 Council for Disability Awareness 2014 Long-
working, usually the first thing that disability, the income you’re earning mally receive. The other 40 percent is Term Disability Claims Review.
3 US Social Security Administration, Fact
comes to mind is a car accident or now simply wouldn’t be there any- up to you. While disability insurance Sheet, October 13, 2015.
other catastrophic injury — in other more. You’d have to find another way won't cover 100% of your income, an
words, something that could happen, to cover your living expenses and to individual DI policy can help provide The information provided is not written or
but most likely won’t. support the people who depend on additional protection. intended as specific tax or legal advice.
MassMutual, its employees and representatives
In reality, the most common cause you. That’s where DI comes into play. are not authorized to give tax or legal advice.
of disability is illness, not accidents or Protecting Your Most Individuals are encouraged to seek advice from
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injuries . Arthritis, back pain, neuro- What About Other Options? Valuable Asset their own tax or legal counsel.
logical problems and cardiovascular Of course, there are a few other With any luck, you’ll never have to
illnesses are all more common than sources of income you might be able deal with a disability that keeps you
injuries when it comes to disability to draw on if you become disabled. from being able to work. But it’s a

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18 December 2017 southfloridahospitalnews.com South Florida Hospital News