Disability & Income Replacement Insurance

Elderly in a wheelchairThink of how important your paycheck is to you. You have to use it to pay for almost every other living expense. What will you do if a disability means you can’t work and can’t bring home that money?

There is help available. Disability (income replacement) insurance is one of the most-important policies any highly-compensated professional can carry. It gets right to the source of replacing your money. RWM Insurance offers policies from any disability carrier in the United States.

Disability Insurance/Income Replacement Helps Protect Your Largest Asset

It makes sense that if you lose your paycheck due to an injury, you should be able to replace that income. Disability insurance will help you do so.

With the help of disability insurance, you can supplement the stream of income you might lose if you cannot work. Any disability (mental or physical) might lay you low for quite some time. The worst could even disable you permanently. Either case could lead to monetary worries for you and your family. A properly-tailored disability policy can help you reduce the strain of lost income.

Why Get Covered?

If you don’t have income support following a disability, you put your family’s security on the line. You might not even be able to afford your health insurance, mortgage or any other personal expense.

With the income that disability insurance can provide, you’ll be able to support yourself and your family despite any reduction to or loss of your paycheck. Given that any type of disability might increase your financial burdens significantly, having this coverage is critical to your long-term solvency.

Risks exist everywhere. You might get hurt while visiting the grocery store or while doing yard work. You could even get hurt if you fall while getting out of bed. When it comes to disability insurance, it doesn’t matter where accidents happen; what matters is if you have help during your recovery.

According to 2015 claims by Principal Disability Insurance, Physical Injuries accounted for only 7% of the claims. Mental and nervous disorders, substance abuse, cancer, infectious disease and circulatory issues represented the majority of claims.

Do I need coverage if my employer offers a policy?

Many employers offer a benefit called Group Long-Term Disability (LTD) Insurance. You might think this is all the protection you need. That’s not necessarily so. 

Group Long Term Disability (LTD) only covers 60% of your base earnings (bonus and commission not covered).

Group LTD policies might offer financial support, but they likely do not provide enough protection for highly-qualified or high-salary professionals.

  • Policies often won’t match the full value of your paycheck. Most only pay a percentage, while others impose a maximum taxable yearly payout.
  • Income from company stocks, commission, bonuses and overtime will likely have no coverage.
  • If you can perform any type of job or employment (even if you have a partial disability) you might not qualify for benefits.
  • Any money you receive from workers’ compensation or Social Security Disability can subtract from the group LTD benefits.
  • There is no cost-of-living adjustment and the money is taxed.
  • Your employer could stop offering this benefit at any time. There is no guarantee you’ll be able to keep it forever. You cannot transfer the coverage if you leave the company.

Getting Your Policy

If you want to supplement your existing group LTD coverage, or if you just want more reassurance of your own security, invest in a quality, individualized disability policy.

  • Coverage is non-cancelable and guaranteed renewable.
  • Benefits will be paid in addition to other disability payments (like SSDI).
  • Policies will pay a higher percentage of your total earnings and are not taxable.
  • Even if you can still work part-time, your coverage can still apply if you have an “own occupation” policy.

RWM Insurance’s dedicated brokers can tailor your policy’s coverage, options and cost to fit your needs. Once you have the right protection, you’ll be able to support your lifestyle even if you now have to deal with the inconveniences triggered by a disability.

How Do I get a Quote?

Some say you can either make a little mistake by having coverage and never becoming disabled, or a big mistake by not having coverage at all and becoming disabled.  When you choose RWM Insurance, we’ll put your concerns to rest immediately by making sure you get the right policy on the first try.

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