Disability and Life Insurance, Protect Your Loved Ones!

With everything that is happening in this day and age, the world can be quite frightening. It is impossible to tell what the future holds, and it can lead to a great deal of fear. However, just because it is impossible to predict the future does not mean that you can’t prepare for it. Wright’s Resumes and Connections has partnered with Northwestern Mutual to help inform you of policies that can help protect you and your loved ones.

Disability Insurance

Photo by Nguyen Minh on Unsplash

Disasters can happen any time, and unfortunately, we can’t always predict them. What we can do is to be prepared in case something terrible happens.
Disability insurance will protect your income in case you are prevented from working due to a disability.
Disabilities happen more often than you think; statistically, 1 in 3 people become disabled before retiring. Though you may believe the first cause of disabilities are injuries, that is not the case; in fact, most of them are actually caused by various illnesses. Here are some of the most common causes:

  • Arthritis and other musculoskeletal problems
  • Heart disease
  • Lung or respiratory problems
  • Mental illness
  • Diabetes
  • Strokes
  • Nervous system disorders
  • Injuries sustained in accidents
  • Pregnancy

So, do you really need it?

Well, if you rely solely on the income from your work to pay your bills, you might want to consider getting disability income insurance.

Are there different types of policies?

Yes, this kind of insurance is usually divided into two categories, Short-term and Long-term.

They basically accomplish the same goal, which is replacing a part of your income. However, there are a few differences regarding their length, coverage, and who provides them.

Long-term Disability Insurance (LTD)

This kind of insurance is one that you can buy yourself and it will substitute up to 60% of your monthly income. The benefit period can go from a few years until you retire.

Short-term Disability Insurance (STD)

This will usually be offered by your employer and will cover part of your paycheck for up to two years.

What is a life insurance?

Photo by Caroline Hernandez on Unsplash

Life insurance, on the other hand, protects your family and gives them the possibility to manage financially if you pass away.
This is a contract between an insurer and a policyholder that guarantees that the beneficiaries will receive a sum of money after the policyholder dies.
A premium has to be paid by the policyholder during their lifetime.

Do I need a life insurance?

If there is someone who relies on your income, getting life insurance would be a good way to protect them. This kind of insurance protects the people who depend on you by providing them with financial benefits.

Preparing for the unexpected is an important part of personal finance. Those of us at W.R.A.C encourage our readers to consider many kinds of insurance policies to find out what can help them in the near and far future. After all, financial security is a huge part of success!

We strive to teach others the value of good financial skills. For those who are interested in learning more about finances in general, come schedule time with us at https://calendly.com/wwfp/planning?month=2021-01 consultation is free!

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Wright’s Resumes and Connections is a growing organization designed to help the community create useful resumes.

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Wright's Resumes and Connections

Wright's Resumes and Connections

Wright’s Resumes and Connections is a growing organization designed to help the community create useful resumes.

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