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If you are disabled - What could be at risk?

Could you benefit from optional creditor disability insurance? The answer in many cases can be “yes.” Most people don't plan on becoming disabled, and they often think that their employer's group insurance, workers’ compensation or a government plan will provide them with an income and cover any costs that they may incur. Unfortunately, many people become disabled then realize while they may receive only between 50-70% of their normal “take home” income, they are still responsible for 100% of their normal financial obligations.

The risk of a long-term disability during a worker’s career is much greater than the risk of premature death. Yet most workers would never think of going without life insurance protection for their families, but their greatest asset, their income and their ability to meet their financial obligations, is likely not properly insured. A lot relies on your income, perhaps even more than they think. If the unexpected happens and become too sick or hurt to work, would your savings or the disability benefits you receive through your employer be adequate? Have you considered that while disabled, you may have increased expenses such as required medications, treatment, therapy, home care or transportation?

Many people feel their budget is tight each month with their normal income. They rarely consider how a reduction in that income could seriously impact life. If you have any fear, worry or concern about a reduced income due to a total disability, then creditor disability insurance can help provide peace of mind. Creditor disability may cover or reduce a covered monthly loan payment, freeing other money you may have for other expenses.

Any disability can wreak financial havoc. If you consider the potential of a disability and the associated financial risk you will see the possible benefit of Creditor Disability Insurance.