Insurance, Annuities, and Investments
Disability Income Insurance
You have people that depend on you financially, college tuition to cover, and mortgage payments to make. So if you rely on your income, then you should know that disability income insurance can help you protect 45 percent to 65 percent of your income should you become too sick or hurt to work.
What is disability insurance?
Disability insurance is also called disability income (DI) insurance. If you become too sick or injured to work for an extended period of time, DI could help cover a portion of your income, including bonuses and commissions. It’s important to know that even if you have group long-term disability insurance through your employer, it may not be enough.
How much disability insurance do I need?
At minimum, your disability income insurance should cover your necessary living expenses. However, it is recommended you work with a financial professional who can help you determine an appropriate amount of coverage.
Disability Income Insurance Benefits
Income ProtectionYour income is most likely your biggest asset. Without it, it would be hard to support yourself and your loved ones financially, as well as keep your future plans on track. Individual disability income insurance can help you stay on track by protecting a portion of your income.
Retirement ProtectionIf you become too sick or hurt to work, individual disability income insurance may help you avoid using your retirement savings to cover income gaps. You may also be able to purchase a DI policy to help you continue saving for retirement while you’re disabled.
Customizable CoverageIndividual disability income insurance policies may be customizable, so you can prepare for the future. For example, you may be able to choose to add a rider to your policy that allows your coverage to grow as your salary increases.
What is disability
Did you know only 5% of disabling accidents and illnesses are work related?
Benefits of disability income insurance
Disability income insurance can help fill financial gaps if you're unable to work. Contact a MassMutual financial professional to learn more about a DI policy today.