Without proper protection, your way of life could be at risk if you suffered a disabling injury or illness. In the event of a long-term illness or disability, disability insurance offers an added layer of income protection, even for those who already have medical insurance.
Even if you offer medical insurance as an employer, you may need disability insurance to fully cover your team. As an individual or professional, you need to ensure you have disability coverage to protect your earnings. By working with the experts at Gunn-Mowery, you can make sure your family is protected from the unexpected.
What Is Covered by Disability Insurance?
The reality is that a serious illness or disability can cause significant financial distress. In addition to the medical expenses covered by your health plan, a serious injury or illness can mean you are unable to work. Left without a source of income, it can be difficult to pay for living expenses or the copayments and deductibles required by your medical coverage.
Disability insurance helps by covering a portion of your income. If you are injured and not able to work, disability insurance replaces up to two-thirds of your income in most cases. This way, you have the financial resources you need to pay for everyday expenses as well as uncovered medical costs.
Just like medical coverage, workers’ compensation or other insurance, disability insurance ensures you can pay not only for medical care, but also for food, transportation, rent or mortgage payments and other bills. It ensures you do not have to return to work prematurely and risk medical complications or further injury.
What Are the Benefits of Disability Insurance?
If you get your disability insurance through an employer, you do not have to worry about pre-existing conditions, but payouts will be taxable. If you get disability insurance on your own, your payouts are tax-free.
The biggest benefit of this insurance is that you can maintain a source of income even if you cannot work. While Social Security can offer you some disability benefits, proving eligibility and navigating the application process is complex and can take time. Having a private or employer-sponsored disability plan may mean faster approval and can help you get some benefits while waiting for Social Security.
What Is the Advantage of Working With Gunn-Mowery When You Need Disability Insurance?
If you need disability benefits, Gunn-Mowery, LLC can help you find the right coverage at the right price. We can work with your needs, whether you need a plan to fit your budget or whether you have concerns about a pre-existing medical condition.
The Upside of working with us is that we help you find custom solutions, and we explain disability options in plain English. We can help you find competitively-priced plans that cover as much of your income as possible. When you are injured, we want you to focus on healing and not on paying the bills. Contact the experts at Gunn-Mowery, LLC today to experience the Upside of Insurance so many of our clients already enjoy.