Is it better to carry disability insurance or life insurance?
There’s no easy way to determine whether disability insurance or life insurance is better. In reality, it’s a good idea to have both policies on hand. Not sure what separates disability coverage from life insurance coverage? Read on to learn more about these coverages and find out why they are both important for your financial security.
When it comes down to it, the main goal of both life insurance and disability insurance is income and asset protection. However, the main difference between these two types of policies is the expenses that they will have to cover. While the financial expenses related to death are normally final, the expenses that accompany a disability are usually persistent and substantial.
When a person becomes disabled, they still have the same financial needs as before, with the additional burden of ongoing medical fees. They might also have additional expenses if they require special equipment or need to retrofit their home and car.
So, when people look to get life insurance, they are doing well from a financial planning standpoint. They are making sure that their loved ones are protected in the event of their untimely death. But what happens if you are seriously injured? You cannot access life insurance coverages, but you still have considerable financial obligations that you need to take care of. This is why getting disability insurance is just as important for your financial stability.
This is why it’s important to have both life and disability insurance. Interested in getting the personal coverage that you need? Don’t hesitate to contact us at Steve Wilk Insurance Agency in Illinois. Our dedicated team is ready to assist you with all your insurance needs. Check out our new office at 310 S Main Street, Suite C, Lombard, IL 60148.