With so much going on in our lives today, it is important to know our options when it comes to protecting not only ourselves, but our families as well. I am going to compare the differences between Life Insurance and Disability; we will be able to make an educated decision about what our needs are today and for our future.
There are two types of insurance I am going to cover today. Life Insurance protects the insured individual in the event of death. Disability, often offered by your employer, protects the insured individual’s income in case of injury.
Life Insurance When we decide to get married and have children we are faced with many decisions, one of them is “How am I going to keep my family safe” When we purchase Life Insurance we buy peace of mind. While discussing our options with our agent, we go over different coverage’s offered. Term is a policy that is only for a set amount of time. Whole is a set policy with fixed premiums, a guaranteed death benefit and cash value growth. There is also Universal life which has the flexibility to change premiums, payments and death benefits, but is also a permanent policy. For couples, or two people who wish to provide benefits after both pass away, there is Survivorship Life Insurance.
Disability. Disability is an insurance policy to protect your income in the event you become injured or too sick to work. It is there to reduce the impact and not replace your total income. It can help you make your…