Many unexpected life events can render consumers incapable of earning the income needed in order to provide for their family.
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Assessing your need for disability insurance
In order to insure something, you first must realize that it has a lot of value and needs to be insured. Perhaps that explains why so many Americans lack disability insurance. A recent survey found that Americans greatly underestimate their earnings potential.
Read MoreThree methods to increase disability income benefits
Since the primary reason for purchasing a disability income insurance policy is to replace any income that may be lost due to a disability, it’s imperative to have an adequate amount of coverage in place before a disability occurs.
Edward E. Graves, author of “McGill’s Life Insurance” says there are three methods a non-disabled person can employ to make sure their benefits are enough to support their income prior to a disability. The general rule of thumb is if you received a raise or your expenses have increased, so should your benefits.
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