Income & Asset Protection

Safeguarding Your Future and Your Finances

Life is full of uncertainties, and while we often focus on protecting our homes and cars, protecting our most valuable asset – our ability to earn an income – is equally crucial. Furthermore, the rising costs of care as we age or face chronic illness present a significant threat to our savings and quality of life. At Bob Greenberg – CLTC Insurance Services, we specialize in offering comprehensive solutions for Disability Insurance and Long-Term Care, providing essential layers of protection that safeguard your income, preserve your assets, and ensure your peace of mind through every stage of life.

Disability Insurance: Protecting Your Paycheck

Imagine waking up one day and being unable to work due to an illness or injury. How would you pay your bills? How would you support your family? For most people, their income is their greatest asset, funding their lifestyle, savings, and future plans. Disability insurance acts as a vital safety net, replacing a significant portion of your income if you become disabled and can’t perform your job. It’s often called “paycheck protection” for a very good reason.

There are primarily two types of individual disability insurance:

Short-Term Disability (STD) Insurance typically provides benefits for a shorter period, ranging from a few months up to one or two years. It’s designed to cover income loss during temporary periods of disability, such as recovery from surgery, a broken bone, or a complicated pregnancy. While some employers offer STD as a benefit, individual policies can supplement this or provide coverage if your employer doesn’t.

Long-Term Disability (LTD) Insurance is designed for more severe or prolonged disabilities. Benefits can last for many years, often until retirement age, or until you recover and can return to work. LTD policies are critical for protecting your financial future against conditions like chronic illness, severe accidents, or debilitating injuries that prevent you from working for an extended period. Without LTD, a long-term disability could quickly deplete your savings, force you into debt, and jeopardize your family’s financial stability.

When we discuss disability insurance, we look at several key factors:

• Definition of Disability: How the policy defines “disability” is crucial. “Own occupation” coverage is generally preferred as it pays benefits if you can’t perform the duties of your specific job, even if you could do a different type of work. “Any occupation” is stricter, requiring you to be unable to perform any job for which you are reasonably qualified.
• Benefit Amount: This is the percentage of your income the policy will replace, typically 50-70%. We help you determine an amount that covers your essential living expenses.
• Benefit Period: How long the benefits will be paid (e.g., 2 years, 5 years, to age 65).
• Elimination Period (Waiting Period): The time between when you become disabled and when benefits begin to be paid (e.g., 30, 60, 90 days).

Disability insurance is a cornerstone of financial planning, particularly for those whose livelihoods depend on their ability to work. We help you understand the nuances, compare options, and secure a policy that truly protects your most valuable asset.