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Dice Financial Services Group

1716 N. Sanborn Blvd, PO Box 790

Mitchell, SD 57301

 

Phone:     605-996-7171

Toll Free: 800-658-3603

 

Website: www.dicefinancial.com

May/June 2023

Should You Buy a Disability Policy?

Should You Buy a Disability Policy

According to Social Security Adminstration statistics, one in four 20-year-olds will become disabiled before reaching retirement age. A disability insurance policy is designed to replace a portion of your income if you become ill or injured and can't work.


Current Coverage
Your employer may offer group disability insurance coverage. However, if you leave your employer or your employer eliminates the benefit, you’ll lose the coverage. Buying your own disability policy may provide better coverage, and rates may be lower if you purchase a policy when you’re younger.


Why You Need Disability Coverage
Think about how long you could continue to meet your financial obligations without a steady paycheck. If your savings would be quickly depleted, purchasing disability insurance is something to consider, especially if you have a family that depends on your income or if you’re self-employed.


The Cost of a Policy
Premiums are based on your age, health, gender, occupation, the length of the waiting period, the benefit length, and any extra features you choose, such as annual cost-of-living adjustments.


Before you purchase a disability policy, make sure you understand what the policy covers and the benefits. Your insurance professional can help tailor a policy to meet your needs.


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Securities and investment advisory services offered through Osaic Wealth, Inc. member FINRA/SIPC. Osaic Wealth is separately owned and other entities and/or marketing names, products or services referenced here are independent of Osaic Wealth. Insurance Services offered through Dice Financial Services Group.
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