Disability Insurance

30% of Americans will suffer a long term disability of 90 days or more before they reach the age of 65.

Individual disability insurance is designed to replace anywhere from 45-60% of your gross income on a tax-free basis should a sickness or illness prevent you from earning an income in your occupation. Every disability insurance policy from every insurance company is very different, this is not a product to shop for the most competitive rate.

“I don’t need disability coverage – I’ve already got it through work”. Most company-issued disability insurance only provides you with 60% of your salary and sets a monthly maximum of $5,000.00 to $10,000.00, which can be less than 60% of a highly compensated employee’s salary. These benefits are also fully taxable, which means you’re actually getting a lot less than 60% of what you’re used to.

Social security disability benefits are one of the most difficult benefits to qualify for. You have to be completely disabled for at least a year, with no hope of recovery and even when you meet those requirements, you’re unlikely to receive more than $2,000.00 a month.

Disability insurance is the foundation of any solid financial plan. Current statistics offered regarding just how vulnerable you are to a long term disability eroding everything that you have ever saved, if you suffer a long term disability that lasts 90 days more, are that you will be disabled for more than 3 years.

NOTE: Investment products offered through Enterprise Bank & Trust are:

• NOT FDIC insured
• NOT guaranteed by Enterprise Bank & Trust or any of its affiliates
• Subject to investment risk and may lose value