Disability Insurance
Disability Insurance Provides Income When You're Unable to Work
Disability insurance offers you a way to generate income when you become ill or injured and are unable to work for a long time, whether it's months, years or even the rest of your life. It's a way to continue to meet your expenses while you take time to recover, which can help keep you from worrying about finding the money to pay necessary bills and help you avoid tapping into your savings.
When to consider disability insurance
Determining how much disability insurance coverage you need
The taxable status of income from disability insurance
Purchasing disability insurance through Wachovia Securities
When to Consider Disability Insurance
Although you may be eligible for workers' compensation, Social Security disability benefits or your state's disability program (available in very few states), you may find that the disability benefits provided through those programs will not meet your income needs. So if you don't have other sources of income (such as your spouse's income or investment income) that could help you pay bills and meet expenses through a period of disability, you may want to consider purchasing a disability insurance policy that will cover both short-term and long-term disabilities.Some employers offer group disability insurance coverage, whether they pay the premiums for you or you pay them out of your own pocket. Your employer's disability insurance program may offer better benefits at a lower cost. Be sure to understand and compare the costs and benefits before purchasing a disability insurance policy.