DISABILITY

Disability insurance is designed to replace income in the event an individual is unable to work due to an illness or injury. When the primary source of household income is lost due to a disability, it can be expected that:

• Income will decline or stop, while expenses and debt often increase.
• Savings and investments will be drained.
• Family standard of living will drop.
• Savings plans will be put on hold.

A disability insurance policy will pay a portion of the insured’s income to impede a disruption in a family’s financial
plan per the terms of its contract.

Disability Insurance is categoriezed into two forms: short-term and long-term. Short-term disability policies typically
provide coverage up to one year, while long-term disability policies will cover the insured either until the disability
ends, a specific number of years, or retirement age is reached.

LONG-TERM CARE

A long-term care insurance policy will help cover the expenses for care provided when an individual is diagnosed with a chronic medical condition, a disability, or a lingering disorder. Long-term care policies are designed to reimburse you for part or all care given in a variety of settings including your home, a nursing home, an assisted living facility, and / or anadult day care center.

Regular health insurance does not generally cover long-term care needs while Medicare will generally only cover portions of the care provided at your home or a skilled nursing facility. Long-term care can be extremely expensive and can adversely affect a family’s financial situation. A long-term care insurance product is a good way to decrease the exposure of this financial burden per the terms of its contract.