Paula Christine is joined today by Angela Mitchell of Bridged Benefit Solutions to discuss disability insurance – what it is, how you get it, and if you need it.

Angela starts with a stark reminder – the biggest asset we have is not our house or our car, it’s our ability to earn a living. And we insure those other things – why don’t we insure our ability to bring home a paycheck? Disability insurance will replace part of your wages if you are unable to work due to injury or illness, or sometimes even maternity leave.

Short term disability will generally cover 50-70% of your income for 13 or 26 weeks. Some policies are purchased from your employer, others are purchased by the individual. It’s important to note that if the coverage is provided by your employer, your benefits can be taxed.

Long term disability will pay you out longer, potentially until you can collect social security. Again, this is based on your wages. It’s important for folks who earn commissions to know this disability is based on your wage, not your commission.

If you can only afford one or the other, should you choose short term or long-term? Well, it depends. Angela explains the factors that should go into that decision.

Paula and Angela weigh the benefits of employee provided versus individually purchased plans. These can include premiums, pre-existing conditions, and more.

And finally, if you’re employer does not offer disability, Angela talks about how to start that conversation.

More:

Find Angela Mitchell at Bridged Benefit Solutions at 248-250-2420 or by email at Angela@BridgedBens.com

For more info on the Making Money Matter course or working with Paula, visit https://www.paulachristine.com/

Or send Paula an email: paula@paulachristine.com.