Disability Income Insurance A disabling illness or injury that prevents you from earning a living could ruin your efforts to secure a comfortable financial future. Many employers offer short-term group disability insurance, but the coverage may last only a fewweeks or months. Long-term group disability coverage generally replaces only 50% to 60% of a worker’s income, and any benefits would be taxable if the employer paid the premiums. Few people would be able to meet all their expenses if they had to live on half of their current salaries. How can you help protect your income and lifestyle from the financial ramifications of a prolonged disability? Youmight consider purchasing an individual disability income insurance policy if you are self-employed or your employer coverage is insufficient for your family’s needs. It might surprise you to know that about one in four of today’s 20-year-olds can expect to be out of work for at least one year because of a disabling condition before they reach age 67. Without disability income insurance protection, that could spell financial disaster. Source: Social Security Administration, 2023
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