Many people forget to insure their paychecks. Why is that? We insure everything else. It’s most likely because they believe one of these disability insurance myths:
MYTH #1: Social Security will cover me
Social Security only pays out to those with an entire disability, which is determined very strictly. It does not cover partial or short-term disabilities.
MYTH #2: I have a disability insurance policy through work.
Many people are fortunate to work for a company that offers these benefits. But, most group disability insurance plans only cover 60 percent of an employee’s income with TAXABLE benefits. After taxes, they receive about 42 percent of their income. If they can maintain their lifestyle on 42 percent of their income, they’re in great shape. If not, they should consider a supplemental policy.
MYTH #3: Disability insurance is too expensive.
Look at the value, not the cost. Disability insurance is less expensive than auto or homeowners insurance. For just a few dollars a day, a person can insure millions in tax-free income. There’s truly no better deal.
Cosmo Insurance Agency is a full-service independent insurance agency based in Hackensack (Bergen County) and Lakewood (Ocean County), New Jersey that offers an all-encompassing range of insurance options for both individuals and businesses. Cosmo keeps its promise to assure an efficient and creative approach to the services we offer. Each of our clients experience a personalized and long-term relationship with us. Our New Jersey based team of health brokers guides our clients in helping them choose the most cost-effective options. By incorporating our knowledge of the insurance guidelines for healthcare, employee benefits, life insurance, self-insurance, dental, disability, and long term care insurance, we keep our clients up-to-date with affordable plans that cover all their specific insurance needs.