Long Term Disability Insurance: 3 Benefits of Private Income Protection Insurance
At any moment, something unexpected can happen that can alter a person's life for weeks, months, years, or forever.
This event may be tragic and sudden, or be expected and come on gradually.
Either way, it will undoubtedly affect them and their entire family on a daily basis and will cost time, money, and overall energy.
One may wonder what can be done to protect them in the future when it is unknown...
One very effective, practical, and affordable thing one can do is purchase disability insurance.
Disability Insurance is a policy an individual or company can obtain that provides supplemental income to a person (usually between 40-60%) in the event something unfortunate occurs, such as an injury or illness, which prevents them from working.
This can include sick leave and short or long-term disability benefits.
Here are a few benefits of Disability Insurance: It's Tax Deductible: Premiums purchased by an individual are often permitted to be deducted as a business expense.
If an employer provides this benefit for employees and pays the premium, it is fully taxable, as well as tax deductible.
It Provides Rehabilitation: If an individual cannot perform their previous career duties, new training will be provided as a benefit so the person can learn new skills and obtain employment and income.
It's Refundable: If after the age of 65, one has never fallen victim to illness or injury and never had to use their benefits, some policies are partially or fully refundable.
In this case, the premiums paid over the years would be refunded to the individual that paid them.
According to the National Safety Council, a disabling injury occurs every second in the United States! So, protect yourself and your loved ones with Disability Insurance.
This event may be tragic and sudden, or be expected and come on gradually.
Either way, it will undoubtedly affect them and their entire family on a daily basis and will cost time, money, and overall energy.
One may wonder what can be done to protect them in the future when it is unknown...
One very effective, practical, and affordable thing one can do is purchase disability insurance.
Disability Insurance is a policy an individual or company can obtain that provides supplemental income to a person (usually between 40-60%) in the event something unfortunate occurs, such as an injury or illness, which prevents them from working.
This can include sick leave and short or long-term disability benefits.
Here are a few benefits of Disability Insurance: It's Tax Deductible: Premiums purchased by an individual are often permitted to be deducted as a business expense.
If an employer provides this benefit for employees and pays the premium, it is fully taxable, as well as tax deductible.
It Provides Rehabilitation: If an individual cannot perform their previous career duties, new training will be provided as a benefit so the person can learn new skills and obtain employment and income.
It's Refundable: If after the age of 65, one has never fallen victim to illness or injury and never had to use their benefits, some policies are partially or fully refundable.
In this case, the premiums paid over the years would be refunded to the individual that paid them.
According to the National Safety Council, a disabling injury occurs every second in the United States! So, protect yourself and your loved ones with Disability Insurance.
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