Disability Income Insurance: Payments When You Can’t Work

11 Apr Disability Income Insurance: Payments When You Can’t Work

Income protection. Yes, it’s a real thing. It’s a way to continue to earn an income even if you’re too sick or hurt to work. The monthly benefits it provides work much like a “paycheck,” and best of all, you’re in charge of deciding how to use those benefits. So, as a member of the Indiana Dental Association, why wouldn’t you want to protect your income?

As an IDA member, you can purchase individual Disability Income (DI) insurance at a discounted rate through Principal® to keep your most valuable asset – your income – protected.

This coverage provides you with monthly payments that work like a paycheck when you can’t work due to a disabling illness or injury.

What can you expect from your disability insurance coverage:

• 10% premium discount¹
• Up to $17,000 in monthly benefits
• Tax-free benefits since premiums are paid with after-tax dollars
• Portable policy – it goes with you if you ever change employers (discounts go, too)
• Non-cancelable, guaranteed renewable coverage – so long as premiums are paid, only you can cancel your policy

Still have doubts? Maybe, like others, you’re concerned that income protection (or disability insurance) isn’t right for you. Just make sure that thinking is not based on these common misconceptions:

“I’m invincible, right?”
Well, no one can predict the future. But fortunately you can prepare financially for the unexpected.

“I’m covered with disability insurance through work.”
You’re fortunate…but, make sure you have enough coverage and that it works for you.

“I can rely on savings.”
That’s one strategy, but being too sick or hurt to work likely isn’t what you’re saving for. Wouldn’t you rather not have to dip into those savings if the unexpected happens?

“I’d rather spend my money on other things. Disability insurance just costs too much.”
I get that. It’s not fun to spend money on insurance. But you’ll thank yourself down the road if you need it. Plus, a policy can be customized to fit your needs and budget. In many cases, it can cost less than a daily cup of premium coffee.

Bottom line:

Almost everyone who earns a paycheck needs income protection, with a few exceptions:

1. Are you close to retirement?
2. Do you have enough cash savings and liquid assets to last several years?

If neither of those apply to your situation, you may benefit from talking to a financial representative about income protection. It could be an easier conversation than you think.

Take the first step:

To apply for coverage and receive a personalized proposal, contact me.

Let’s connect:

Ashley Hudgins
317.687.3677
ashley@INDental.org

1 10% Association discount based on sex-distinct rates.

Disability insurance from Principal® is issued by Principal Life Insurance Company, Des Moines, IA 50392-0002, www.principal.com

Disability insurance has exclusions and limitations. For costs and coverage details, contact your Principal representative Ashley Hudgins, 800-417-6424.