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Personal Disability Insurance from GMG Insurance

When people think of financial planning, they typically consider retirement savings, home loans or paying for college. All of those are important, but all could be undone in just a few months if you don’t include contingency plans for the possibility that you could become disabled.

Income protection insurance from GMG Insurance is an excellent way to guard against the financial calamity that so often results from a disabling injury or illness. Even temporary or short-term disabilities can be devastating, leading to massive debt and even bankruptcy. We specialize in helping clients manage their assets—both for asset growth and asset protection. Ignoring income protection is one of the biggest financial errors people can make.

Complementing a Policy from the Workplace

Some employers offer group disability insurance, which is a fine product that can help in times of trouble. But group policies usually are fairly restrictive in terms of monthly pay (on which you could be taxed), length of waiting periods, and portability if you change jobs.

An individual disability insurance policy can be tailored to your specific needs. Additionally, if you are in certain professions, you can adjust the policy to respond to particular issues you might have regarding your occupation. For example, if you are a doctor and are rendered unable to work in your specific field but can still work in a lower-paying job, you may be eligible to receive compensation from the insurer to make up for the difference in pay.

Protecting a Spouse or Business

Disability insurance payments can be used for any expenses you decide to apply them to. They can help support your spouse while you are convalescing, they can pay for home healthcare that medical insurance doesn’t cover, or they can fund your business so your absence doesn’t drag the company or practice down.

A disability policy doesn’t have to be for your home’s income earner, either. You can obtain coverage for an at-home spouse to cover costs health insurance doesn’t pay for or to meet expenses that would be incurred to make up for their absence or incapacitation. Think of the cost of childcare, maid services and delivered or take-out food.

Income protection is well worth the premium.

Turn to GMG Insurance for personalized attention on managing your assets and securing products that accommodate your lifestyle, now and as it changes over time. Contact us at (215) 497-9240; (800) 540-7900; or email at