If There is Anybody Dependent on Your Income…
Parents, Children, Relatives – You Need Sufficient Disability Income Insurance & Life Insurance.
Don’t Take Chances, Think Life & Income Protection.
Disability Income Insurance
Disability Income Insurance is key for financial security. Yet it is often overlooked or does not provide sufficient coverage to support the lifestyle of physicians, lawyers, and highly compensated individuals. So why is disability insurance important? Because you and your loved ones depend on your income.
What are my chances of suffering a long- term disability (one lasting more than 90 days prior to age 65)? And if I do, what is the average length of the disability?
| Your Age | Chances of suffering a long-term disability | Average length of disability |
|---|---|---|
| 30 | 51% | 4.7 years |
| 35 | 48% | 5.1 years |
| 45 | 40% | 5.8 years |
| 50 | 34% | 6.2 years |
If my disability has lasted 1 year, what is the probability the disability will last:
| Your Age | 1 More Year | 2 More Years | 5 More Years |
|---|---|---|---|
| 25 | 67% | 57% | 47% |
| 35 | 76% | 67% | 57% |
| 45 | 79% | 72% | 62% |
| 55 | 81% | 73% | 62% |
Life Insurance
The purpose of life insurance is to provide your loved ones with financial protection if you die. A tax-free payout is the main benefit, but the advantages of life insurance extend beyond extra cash.
- A life insurance policy can cover estate taxes and preserve an inheritance.
- When permanent life insurance is sufficiently funded, cash value could potentially supplement retirement income using policy loans and withdraws.*
You may have enough savings to pay off a mortgage, pay your child’s college expenses, and leave your spouse with a nest egg. But if you have assets greater than $11.70 million, estate taxes could significantly decrease the inheritance your loved ones receive upon your death.
* The use of cash value life insurance to provide a tax-free resource for retirement assumes that there is first a need for the death benefit protection. The ability of a life insurance contract to accumulate sufficient cash value to help meet accumulation goals will be dependent upon the amount of extra premium paid into the policy, and the performance of the policy, and is not guaranteed. Policy loans and withdrawals reduce the policy’s cash value and death benefit and may result in a taxable event. Withdrawals up to the basis paid into the contract and loans thereafter will not create an immediate taxable event, but substantial tax ramifications could result upon contract lapse or surrender. Surrender charges may reduce the policy’s cash value in early years.
