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  • Home
  • About Us
    • Meet our Team
    • Client Testimonials
    • Refer a Friend
    • Insurance Carriers
  • Blog
  • Service
    • Policy Review
    • Update Contact Info
    • Life Insurance Application
    • Request a Free Consultation
  • Individual
    • Life Insurance >
      • Term Life Insurance
      • Whole Life Insurance
      • Final Expense Insurance
      • Individual Life Insurance
    • Medicare
    • 529 Plan Alternatives
    • Social Security
    • Disability Income Insurance
    • Annuities
  • Business
    • Life Insurance Options for Businesses
    • Disability Insurance Options for Businesses
    • Medicare Educational Seminar
    • Social Security Educational Seminar
    • Group Life Insurance
    • Executive Plans
  • Contact Us
    • Schedule Appointment
    • Location & Contact Information
    • Careers

our Blog

Types of People Who Need Disability Income Insurance

2/25/2021

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Disability insurance in NJ is a type of insurance that makes sure you have income coming in even when you’re sick or injured and unable to work. As important as disability insurance is, it’s often overlooked. People usually don’t imagine themselves suffering a long-term disability, especially when they’re young and healthy. However, over 1 in 4 of today’s 20-year-olds will face a disability before they retire. 

While we recommend disability income insurance for many clients, here are the types of people who can benefit most from this coverage. 

Sole Providers of the Family 

If you are the sole provider of the family, you’ll definitely want to consider disability insurance. If you get sick or injured and can’t work, your livelihood could be in jeopardy. How will you pay the mortgage and the bills without a paycheck? Luckily, disability insurance is designed to fill this gap and provide you with the money you need to live while you heal. 

Those with Physically Demanding Jobs 

Do you have a physically demanding job such as construction, nursing or physical therapy? If so, you’ll benefit from having disability insurance. Demanding jobs like these are more likely to take a toll on your physical health becuase you’re on your feet all day, working long hours, lifting patients, etc. If you are suddenly unable to work due to an injury, disability income insurance will pick up your bills. 

Parents with Minor Children 

If you have children under the age of 18 living at home, it’s worth looking into disability insurance. Getting sick or injured at work doesn’t stop you from having to care for your family. Disability income insurance in NJ will provide you with the income you need to pay the bills, put food on the table and bring the kids to the doctor. 

People with Recurring Injuries 

For some people, once they suffer one injury, they’re more likely to suffer another. If you’re someone who gets frequent injuries, you’ll definitely want to consider disability income insurance. This way, you’ll have the peace of mind that you can rest and heal while protecting your paycheck and caring for your family. 

Is Disability Income Insurance in NJ Right for You? 

If you fall into one of the groups above, it’s important to look into disability insurance, how much it will cost and how it can protect you and your family. You can then make an informed decision. For free insurance quotes in NJ, contact Leonard Financial Solutions. We’ll learn about your situation and how disability insurance can help. 
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Everything You Need to Know About Disability Income Insurance

8/27/2020

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When people think about their assets, they generally point in the direction of their homes, cars and retirement accounts. However, your true asset is the ability to make an income. Without it, you won’t be able to pay for your home or car or put money into your savings accounts. 

According to a survey by MagnifyMoney, 53 percent of Americans live paycheck to paycheck. Just one missed paycheck can cause the bills to pile up. How long could you go without a paycheck? If you’re like the majority of Americans, you couldn’t go any more than three months. 

Fortunately, you do have options when it comes to protecting your income. Disability income (DI) insurance in NJ provides supplemental income if you can’t work due to an illness or injury. You can get this insurance from your employer or from a private insurer. 

What is Disability Income Insurance? How Does it Work? 

Disability income insurance provides extra income if you can’t work because of an accident or illness. Benefits are paid out so that you can maintain a comparable standard of living and cover your expenses. On average, disability insurance replaces 45-65 percent of your gross income on a tax-free basis. 

There are two main types of disability insurance:
  • Short-term disability insurance. Short-term disability insurance in NJ typically replaces 60-70 percent of your base salary and pays out for a few months to a year, depending on your policy. 

  • Long-term disability insurance. This insurance replaces 40-60 percent of your base salary, with benefits ending when the disability ends. This money is tax free! If the disability continues, the policy will end after a certain number of years or at retirement age. 

Each insurance policy is different, so be sure to ask your financial advisor in NJ questions. For example, what are the base salary caps? Does the policy cover additional services like training to return to your job? What is the waiting period before benefits are paid? How does the policy define “disabled?”

Who Needs Disability Income Insurance? What are the Benefits? 

If you rely on a paycheck to get by, you can benefit from NJ disability insurance. Even if you are young, disability insurance is still important. According to the Social Security Administration, 1 in 4 20-year-olds will experience a disability for 90+ days before they reach age 67. Some of the most disabilities include back injuries, heart attacks, cancer and diabetes. 

The benefits to having disability insurance are: 

  • Maintain your standard of living if you can’t work 
  • Reduce financial strain on your family
  • Keep current on your bills 
  • Preserve the money in your savings accounts
  • Comfortably take time off to receive treatment 
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If you are interested in taking out long- or short-term disability insurance in NJ, contact Leonard Financial Solutions today. We’ll explain your options and what policies are best for your circumstances. 
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Disability Income Insurance - Protecting Your Most Valuable Asset: The Ability to Earn an Income

4/23/2018

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Have you protected your income?
Disability happens. You can’t predict whether or when it will strike. However, you can prepare in case it does, with a customized disability income insurance plan.  This protection can replace a portion of your income to help maintain your current lifestyle if you suffer a disability covered by the policy. Your income is your most valuable asset and has the potential to be substantial over your working lifetime.  But to earn it, you must be able to work.

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Top 4 Misconceptions About Disability Insurance

1/31/2018

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This type of insurance is meant to protect you in case of a disability hindering your ability to work. This applies if you are unable to perform the core functions of your job due to the development of a physical or mental limitation.  It can be caused by an accident, an illness, or psychological disorders.  It includes short-term disability benefits, long-term disability benefits, and paid sick leaves.

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