Protecting Your Income and Financial Future - 1st Source

You insure your home, vehicle, and other important assets. But one of your most valuable financial resources may be your ability to earn an income.

That income helps support your day-to-day needs, long-term goals, and financial responsibilities. That’s why disability and life insurance can play an important role in protecting what you’ve worked to build.

What Would Happen if You Couldn’t Work?

Each year, roughly 2 million people in the U.S. become newly disabled due to illness or injury. More than 12% of the U.S. population lives with some form of disability at any given time.

Disability insurance is designed to replace a portion of your income if an illness or injury keeps you from working.

If you already have coverage, it’s worth asking:

  • How does your policy define disability?
  • Does your coverage reflect your occupation and responsibilities?
  • How long would benefits continue?
  • Has your coverage kept pace as your career, income, and responsibilities have changed?

For healthcare professionals, these questions can be especially important because your ability to work may depend on the specific duties of your role.

Planning for What Comes Next

Life insurance can help provide financial support for your family and the financial responsibilities that would continue without your income. That can include housing expenses, outstanding debt, education costs, practice or business obligations, and other ongoing financial commitments.

If you couldn’t work, how much of your income would be protected? And would your current life insurance provide enough support for the financial responsibilities you want to protect?

If you’re not sure about the answers, it may be time to review your coverage.

Disability and life insurance each play a different role in your broader financial plan. Taking time to understand what you have today can help you determine whether your coverage still fits the life and career you’ve built.