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Trevor A. Farrington, LUTCF®, RICP®
Regional Vice President
Financial Advisor
Equitable Advisors, LLC
93 Worcester Street, Suite 103
Wellesley, MA 02481
Phone: 617-407-2684
May/June 2023
Should You Buy a Disability Policy?
Disability insurance may not be high on your list of priorities. But consider this: According to Social Security Administration statistics, one in four 20-year-olds will become disabled before reaching retirement age. A disability insurance policy is designed to replace a portion of your income if you become ill or injured and can't work.
Current Coverage
Your employer may offer group disability insurance coverage. However, if you leave your employer for any reason or if your employer decides to eliminate this benefit in the future, you would lose your coverage. Benefits under a group policy also may not be as generous as you would want. Buying your own disability policy may provide better coverage, and rates may be lower if you purchase a policy when you’re younger.Why You Need Disability Coverage
Think about how long you could continue to meet your financial obligations without a steady paycheck. If you have a substantial emergency fund or significant retirement savings, you may be able to withstand not receiving an income for a while. But, if your savings would be quickly depleted, purchasing disability insurance is something to consider, especially if you have a family that depends on your income or if you’re self-employed.Questions to Ask
Before you purchase a disability policy, make sure you understand what the policy covers and the benefits. You’ll want to ask about:- The definition of disability. Some policies pay only if you can’t work at any job for which you’re qualified, while others pay if you can’t perform a job in your own occupation;
- The length of time before benefits begin (elimination period);
- How long benefits will continue to be paid. This may be for a specific number of years or until retirement age;
- How much the policy pays.
The Cost of a Policy
Several factors affect the amount you will pay for a disability policy. These include your age, health, gender, occupation, the length of the waiting period, the benefit length, and any extra features you choose, such as annual cost-of-living adjustments. Your insurance professional can help tailor a policy to meet your needs.GE- 5397093.1(1/23)(Exp.1/25)
Duly registered and licensed financial professionals offer securities through Equitable Advisors, LLC (NY, NY 212-314-4600), member FINRA,SIPC (Equitable Financial Advisors in MI & TN), offer investment advisory products and services through Equitable Advisors, LLC, an SEC-registered investment advisor, and offer annuity and insurance products through Equitable Network, LLC (Equitable Network Insurance Agency of Utah, LLC in Ut; Equitable Network of Puerto Rico, Inc.). Equal Opportunity Employer - M/F/D/V. Equitable Advisors and its associates and affiliates do not provide tax, accounting, or legal adviceor services. Representatives may transact business, which includes offering products and services and/or responding to inquiries, only in state(s) in which they are properly registered and/or licensed. Your connection to this website does not necessarily indicate that the sender is able to transact business in your state. The information in this website is not investment or securities advice and does not constitute an offer. For more information about Equitable Advisors, LLC you may visit https://equitable.com/crs to review the firm's Relationship Summary for Retail Investors and General Conflicts of Interest Disclosure.
GE-6572038.1 (4/24)(Exp. 4/26)
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