Anthony Bardi photo

Anthony J. Bardi

Registered Representative

Enrolled Agent, LTC# 454

 

Tax and Financial Solutions, Inc.

151 SE 223rd Avenue

Gresham, OR 97030

 

Phone:  503-666-7909

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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