Don’t assume you can’t afford Disability Income Insurance (Fraternal Benefits)

One of the biggest mistakes you can make regarding disability insurance is to assume you can’t afford it or you won’t qualify. Before you make that assumption, do some basic research and apply for coverage through the Knights of Columbus. The Order’s Income Armor product gives you options that can help you fit this critical protection into your risk management budget.

For example, here are two ways you can reduce your premium:

1. Choose a two-year or five-year maximum benefit period.

Depending on your age, the best option is probably a policy that pays benefits until you reach age 67. But a two-year or five-year maximum benefit period would cover many types of partial or total disabilities you might encounter in your working life.

2. Choose a longer elimination period.

An elimination period is the number of days a total disability must exist before benefits begin to accrue. Typical elimination periods are 30, 90, or 180 days. Choosing a longer elimination period lowers the policy’s premium. But be sure you have enough set aside in your business’s contingency fund to account for the longer gap.

As your professional insurance agent, running a small business and the challenges of risk management are two of my specialties. Let’s talk about how to protect your business income, your retirement needs, and your family’s financial future.

Rick Morin, FICF

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