Articles Editor's Blog Reader Mail

Disability Insurance Needs for Single People Billings MT

. There is a limit to the amount of coverage you can get; no plan will replace 100% of your income. Whatever level of coverage you pick, it should allow you to meet your normal financial obligations and should also take into account the resources you have.

US Health Group
(406) 696-0586
2305 Constellation trl.
Billings, MT
 
Ken Shepherd Insurance
(406) 586-4334
3508 LaramieSuite1
Bozeman, MT
Prices and/or Promotions
Lowest Prices

Danette Giono Insurance
(406) 439-6395
1125 Choteau Street
Helena, MT
 
State Farm Insurance - Brad Daws; Agent
(406) 587-4010
1716 West Main St. Ste. 2
Bozeman, MT
 
Metamorphosis
(406) 261-9321
302 1st Street W
Polson, MT
 
John Shellenberger
P.O Box 4758
Bozeman, MT
Company
Company: Estate Conservation Associates
Education
Franklin & Marshall College A.B.
Stanford University M.A.
Years Experience
Years Experience: 34
Service
Supplemental Medicare Insurance,College Planning,401k Rollover From Employer,Income for Life/ Preserve Principal,Medicare Planning,Annuities,Alternative Asset Class Planning,Investment Consulting & Allocation Design,Insurance & Risk Management Planning,Retirement Income Distribution Planning,Education Funding & Financial Aid Planning,Fee-Only Comprehensive Financial Planning,Long-term Care Insurance,1031 Exchanges,Wealth Engineering,Stock Market Alternative,Wealth Management,Life Insurance,Inves

Data Provided by:
Trinity Massage Therapy
(406) 270-8394
1-14th Avenue West
Polson, MT
 
US Health Group
(406) 696-0586
2305 Constellation trl.
Billings, MT
 
Combined Insurance
(406) 885-7783
181 Jackson Peak Dr.
Kalispell, MT
 
Affordable Health Insurance
(636) 391-2600
267 Clarkson Executive Park
St. Louis, MT
 
Data Provided by:

Disability Insurance Needs for Single People

Provided By: 

Disability Insurance Needs of Single People

Even if you are single, don't overlook disability insurance. While some types of insurance, like life insurance, are less important for a single person with no dependents, disability insurance is likely even more important if you are single. Why? You have no other income to fall back on, but your own. If you suffer a loss of income, how will you pay your bills?

Here's an interesting statistic: in any given year, 1 out of every 8 people will suffer a disability of some kind from auto accident injuries to common back problems. Any of these challenges could put you off your feet if not working for an extended period. If this happens to you, a source of income would do a lot to reduce your stress, wouldnt it?

If you are working, you may have some level of disability insurance through your job. A lot of employers offer some kind of short-term disability insurance to pay you from a few days or weeks, to as much as a year. If you arent sure about your coverage, check with your human resources department or employee benefit's manual. If you do have a disability plan, and you arent enrolled, find out when you can get enrolled and how long the waiting period is.

If you don't have disability insurance through work, you should be looking at purchasing some yourself. While relatively expensive, it can be an advantage to buy this insurance yourself, because if you ever have to collect benefit's, they should be tax-free. With some careful shopping, you should be able to get a policy that fit's your needs and your budget. Always remember to shop around! Prices can vary considerably from one insurer to another.

With that in mind, what coverage do you need? Well, you should be planning to replace 50% to 70% of your current income. There is a limit to the amount of coverage you can get; no plan will replace 100% of your income. Whatever level of coverage you pick, it should allow you to meet your normal financial obligations and should also take into account the resources you have. For instance, if you have savings equivalent to 6 months of your salary, you can likely afford to take a lower level of coverage. If you don't have any savings, you should be looking at a benefit equalling 70% of your salary. Regardless of what level of coverage you pick, an emergency fund is a good idea to handle any unusual expenses associated with your time off work.

  • Claimant and physician coaching about return-to-work expectations
  • Employer education on disability issues
  • Identification of viable job alternatives, including light duty positions to allow employees to return to the workplace sooner
  • Job site modifications to accommodate disabled workers to also allow early return
  • Medical intervention to ensure the employee was receiving appropriate medical care, at all phases of treatment and recovery
  • Three-way coordination and communication between the employer, employee and physician
  • Vocationa...

Click here to read the rest of this article from Insurance Guide 101

About Us | Contact Us | Link to Us | Privacy Policy | Terms of Use | Insurance Resources | Sitemap