Have you ever dreamed of being able to retire RIGHT NOW? Most people do, especially if they’ve had a not so great day at work. One major consideration in being able to retire is making sure that you have adequate savings and investments to provide an income that will keep you comfortable, and allow you to enjoy the kinds of activities you enjoy. You might be asking “Exactly what does this have to do with Disability Insurance?” Consider this: If you were seriously injured, or were diagnosed with a serious medical condition that ended your career yesterday would you be able to retire comfortably today? It’s a serious question. When disability strikes, it strikes immediately and without regard to whether or not you’re prepared!
Disability Insurance replaces the income that’s lost when you can’t work due to illness or injury. Now, most people we speak to often tell us that “They’ve got this covered through work.” What most people believe is that the Worker’s Compensation and NYS Disability coverage that’s mandated by the State will cover all of their lost income if they’re sick or injured. It’s simply not true.
NYS Disability coverage will only replace up to $170 per week if you are injured or become seriously ill off the job. AND this coverage will only last a maximum of 26 weeks! Think about this, if you’re making $800 per week now, and you’re getting by, how’s that going to work with a maximum of $170 per week coming in? And don’t forget, it’ll take weeks and weeks for your claim to be processed. If you’re injured or become ill on the job, then Worker’s Compensation will kick in. BUT here’s the kicker – Worker’s Compensation will only pay a rate of 2/3 of the prior 52 weeks average weekly pay up to $739.83 per week – So, if you’re earning $800 per week, you’ll probably only be able to collect about $480 per week, if you’re deemed totally disabled, and if your claim is approved, and if your injury was work related…
As you can see, even if you have a smooth claims process, and you get your maximum allowable award, you’re still going to have a shortfall of several hundred dollars per week (and substantially more if you’re a higher paid professional like a doctor, CPA, attorney, etc.) The solution is Disability Insurance.
For many people, adequate disability insurance can be purchased for the equivalent of a couple hours pay per week. Think about it… A small premium that could replace your lost income? It makes sense.
Contact us today to learn more about Disability Insurance!
Moscato & Associates and Foresters Equity Services are separate and unaffiliated entities.
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