Single professionals may need individual disability insurance perhaps more than their non-single friends. Why? Because single people are solely dependent on their income. As such, it is even more important to protect that income.
Here are some tips for singles when it comes to purchasing a disability insurance policy:
1) Determine need. Calculate your monthly fixed expenses to determine how much benefit you would need if you were too sick or injured to work. Individual disability insurance pays out benefits on a non-taxable basis whereas your group policy may pay benefits on a taxable basis if your employer is paying the premiums.
2) Get to know your group. Find out if your employer has a group disability insurance policy. If so, familiarize yourself with the terms. How much will it pay? Do you have to be totally disabled? Will the benefits be taxable? Can you take the policy with you?
3) Work with a professional broker. A broker is an independent professional who doesn’t work for an insurance company and represents multiple companies. Let them shop around for you to find the best available options for you.
4) Think about your future. If you will be changing career paths or moving to a different state, this can impact your disability insurance needs. Or, if you are planning to get married or have children, this, too, can have an impact.
For more information about disability insurance for singles or to request a personalized quote comparison, contact Set for Life Insurance today!