Choice Moms Expo sponsor Joan Gilles, of Ameriprise Financial Services, offered this important tip about disability insurance. Admittedly, this is a form of insurance I hadn't given much thought to. But as single parents, there are a LOT of ways we need to be smart about protecting our assets, and this is one we need to understand.
Posted April 19, 2010 at 1:05 PM
Have you thought about disability insurance?
Expert Insight
As she pointed out: "If you’re like most, your ability to earn an income is one of the most valuable assets you have. It supports your financial plans, from basics -- home, car, education, investments -- to future goals, such as your retirement.
First step: know what you have.
- Do you have group disability insurance through work?
- Does it include bonuses and other incentive compensation (or just salary)?
- What benefit amount would you receive if you became disabled?
- Does your disability coverage have limits, such as the amount or length of payments?
- Are you covered in the event of partial disability -- for example if you could work only part time?
- Will you pay taxes on your group disability benefits?
- Would your group disability benefit be adequate to meet your needs?
You can call Joan for more information at 800-297-5300 ext. 80589.
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