In my professional opinion, Disability Income Insurance (DI) is the most needed and least understood kind of insurance there is.
It is the kind of insurance that pays the policy owner to afford living expenses while sick or injured and unable to work. Insofar as short term disability suffered by people living paycheck to paycheck is a major cause of homelessness, a modest DI policy may be properly understood as a homelessness prevention ministry.
People commonly assume that "Workman's Compensation" also known as "Labor & Industries" in the state of Washington, is adequate. Here are some reasons why it isn't:
The solution? Own your own coverage. Typically, it's very affordable. If you can afford a hobby or vice of any kind, you can and should afford your own DI coverage. If you feel you can't afford it, let me help you improve your income and develop a good budget.
To learn more about your Disability Income Insurance choices, please contact me.
Kris Freeberg, Economist
Washington State life and disability insurance licenses pending as of June 27, 2013
It is the kind of insurance that pays the policy owner to afford living expenses while sick or injured and unable to work. Insofar as short term disability suffered by people living paycheck to paycheck is a major cause of homelessness, a modest DI policy may be properly understood as a homelessness prevention ministry.
People commonly assume that "Workman's Compensation" also known as "Labor & Industries" in the state of Washington, is adequate. Here are some reasons why it isn't:
- It only covers injuries suffered on the job. It does not cover injuries suffered away from the job, or illnesses.
- Benefit amounts tend to be low.
- Benefit periods tend to be brief and determined by politics.
- Claims processing tends to be bureaucratic and frustrating.
- The coverage is not portable. It's tied to your job. No job, no coverage.
The solution? Own your own coverage. Typically, it's very affordable. If you can afford a hobby or vice of any kind, you can and should afford your own DI coverage. If you feel you can't afford it, let me help you improve your income and develop a good budget.
To learn more about your Disability Income Insurance choices, please contact me.
Kris Freeberg, Economist
Washington State life and disability insurance licenses pending as of June 27, 2013
