Overview of Purchasing Disability Insurance While Working

Preparing for the future is sometimes not at the top of the list of things to do, but in reality, making sure you have taken steps to ensure your future lifestyle in West Bloomfield, MI should be a priority, as unexpected situations can happen at any time. When you speak with one of our agents at Phil Klein Insurance Group, you will have useful information that can help you put into play a plan of action.

Benefits of Disability Insurance in West Bloomfield, MI

In today’s world, many, if not the majority, of most people plan to have a working career until they are eligible to retire. Even then, people still continue to work after reaching retirement age. An option to ensure your financial stability in the event of an illness, injury, or accident during your working career that results in you no longer being able to work is purchasing long-term disability insurance.

There are two types of disability insurance: short-term and long-term policies. Short-term is for a set number of weeks and, for some policies, up to a year.

For those wanting to protect their financial stability, long-term disability policies provide coverage for many years or for life.

Pros

Protects having an income.
When purchased privately, benefits are tax-free.
You decide how the payments received are spent.
Supports keeping financial obligations current. It helps avoid accruing debt and possible bankruptcy.
Provides peace of mind.

Cons

Premiums increase in price as you get older.
Premiums can be expensive for jobs deemed dangerous.
Pre-existing conditions may not be covered.
The waiting period for coverage varies (days to years).
Benefits are paid only for disability situations.

Contact Our Agents in Michigan

Learn about disability insurance and speak with one of our professional agents at Phil Klein Insurance Group. One of our goals is to help you choose a policy that will support your future. Contact us today, and let’s get started on a plan that suits your needs.