Why Disability Insurance Is a Must for Every Professional

You deserve recognition as a New Jersey professional who has worked hard to advance your career and achieve financial stability. Your consistent efforts generate a steady stream of income, which is the lifeblood of your family’s well-being and future. Your family’s security depends on your recurring income and disability insurance coverage, which guarantees your income when health issues force you out of work and provides critical financial support.

You must consider how a disability may affect your ability to work and earn. Essentially, every professional needs disability insurance to protect their income and finances. Contrary to popular belief, disability insurance is more affordable than you think. Additionally, filing a claim is a straightforward process that our team at Dickstein & Associates is here to guide you through, providing you with the support and reassurance you need when life throws you a curveball.

Risks Faced by Professionals

Professionals in New Jersey face unique risks and challenges regarding disability and income protection. Whether you’re a doctor, lawyer, or business owner, your ability to work and generate income is crucial to maintaining your lifestyle and supporting your family. A disability, whether temporary or permanent, can devastate your finances if you’re without adequate protection.

• According to SSA.gov, one in four 20-year-olds will experience a disability before retirement age.
• Multiple industry sources indicate that the average duration of a disability claim is approximately three years.
• The Federal Reserve reports that fewer than one in three working Americans could cover ordinary living expenses for a year if disabled. This stark reality shows these risks are real, and their consequences pack potentially catastrophic results.

These statistics highlight the importance of having a safety net to protect your income in the event of a disability. A lengthy health issue strains you and your family physically and emotionally enough without compounding by an avoidable and devastating loss of your income.

Benefits of Disability Insurance

Disability insurance is a critical protection for your financial stability should you become disabled and unable to work. Depending on your policy, it replaces a portion of your income, usually 60% to 80%. This income replacement will help you cover your living expenses, pay your bills, and maintain your standard of living as you focus on your recovery. Importantly, disability insurance benefits are often tax-free, providing an additional financial advantage that can significantly impact your financial situation during a disability.

Without disability insurance, you may need to rely on savings, family support, or government assistance programs, which may not be sufficient to meet your needs. By investing in disability insurance, you can gain a sense of security, knowing that you and your family will be financially protected if the unexpected occurs. This peace of mind is invaluable, allowing you to focus on your recovery and your family rather than dealing with the extra burden of a crushing financial situation.

Who Is Eligible for Disability Insurance in New Jersey?

In New Jersey, disability insurance is available to a wide range of professionals, including:

• Self-employed individuals
• Small-business owners
• Doctors and healthcare professionals
• Lawyers and legal professionals
• Executives and managers

Consider how you and your family would cope if an illness or injury took away your ability to bring home an income — visualizing how it would abruptly halt your income will help you understand why you should consider disability insurance in New Jersey. Moreover, each profession may have unique considerations regarding disability insurance. For example, doctors may require higher coverage limits due to their high earning potential. At the same time, middle-income self-employed individuals may have greater urgency when considering the impact of a disability on their business operations.

As the principal employee and wage earner, if you suffer an infirmity that keeps you from operating your business and earning income, your disability policy becomes your family’s and business’s safety net. And young professionals are at just as much risk because disabilities don’t care about your age. A lengthy illness or injury can bankrupt your young family’s future before you can see it flourish. And besides gaining protection sooner, younger insureds pay less to protect their income.

Choose the Right Disability Coverage

When selecting a disability insurance policy, it’s crucial to remember that you are in control of your financial future. You must work with an experienced insurance professional who recognizes your unique needs and can help you navigate the various options. Policies vary, so it’s critical to understand their nuances and differences, including the length of the elimination period, which is the waiting period before benefits begin, the benefit period (how long the policy will pay benefits), and the policy’s definition of disability.

At Dickstein & Associates, we specialize in understanding the unique needs of New Jersey professionals and securing the disability insurance coverage necessary to protect their income and financial future. Our knowledgeable disability insurance experts will work closely with you to tailor a policy to your specific requirements, ensuring you have the appropriate level of coverage for your situation.

Protect your earnings and financial stability before it is too late. Contact Dickstein & Associates today to learn more about disability insurance and receive a quote tailored to your needs. With the proper coverage, you and your family can feel confident and secure, knowing that you and your family have protection from the unexpected.