3 Things to Know About Disability Insurance
- Disability insurance is designed to replace part of your income for a period of time when you are too sick or injured to work. The benefit payments you receive can help you cover your living expenses.
- There are two main types of disability insurance: short-term and long-term. Short-term replaces part of your income for a short period of time, such as three to six months. Long-term replaces part of your income for a longer period, such as up to a specific number of years or perhaps until retirement age, with benefits generally beginning a few months after the disability occurs.
- The odds of becoming disabled may be greater than you think. The Social Security Administration estimates that one in four 20-year-olds will become disabled before retirement age.
With offices in Rutland and Williston, Vermont Copper Leaf Financial develops a customized wealth management plan designed to integrate every aspect of your financial life. Call us today at 802-878-2731 to schedule a strategy session and begin building your road map to financial success.
This article was published in the May/June 2022 issue of Eye on Money. If you would like to be added to our mail list please email [email protected].