Disability insurance provides financial protection to individuals in the event of an illness or injury that prevents them from working. It is designed to replace a portion of an individual’s income when they cannot work due to physical or mental disability. This allows them to continue meeting their basic living expenses and other related costs, such as medical bills. This article distinguishes three main benefits of disability insurance in Scottsdale.
1. Financial Security
The primary benefit of disability insurance is providing financial security to individuals who become disabled and unable to work. This policy covers a portion of the individual’s income which can help them pay for necessary expenses like rent, food, and medical care. This allows them to maintain their current lifestyle until they can return to work or find an alternate source of income.
2. Peace of Mind
Having disability insurance also offers individuals peace of mind knowing that if they become disabled and unable to work, their financial obligations can still be met. This policy ensures that you will have a steady stream of income even when you cannot work, and your regular income is disrupted.
3. Tax Benefits
Disability insurance also offers tax benefits that can help individuals save money. This policy allows the premiums paid for disability coverage to be deducted from taxable income, which reduces the overall amount of taxes payable. Additionally, the benefits received from the policy are not included in taxable income and can help reduce an individual’s overall tax liability.
Where Do You Get an Insurance
A good attorney can help you choose the disability insurance plan to meet your needs. They can also assist in filing a claim and ensuring that you receive the benefits outlined in your policy. Contact Slepian Ellexson, PLLC, to get an attorney to help you with disability insurance in Scottsdale.