Disability Insurance in New Jersey
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What is Disability Income Protection and Why Do I Need it?
Disability Income Protection is replacement of your income, if you become sick or disabled and are not able to work. Some questions to ask yourself, what is your greatest asset; your home, your automobile? NO, it is your INCOME! While we insure our homes and automobiles....we often overlook protecting our greatest asset, the ability to earn an INCOME.
- 1 in 4 people will become disabled before they retire.
- There are currently 2.5 million people in the US in their 20's and 40's receiving Social Security Disability Benefits.
- The average long-term disability claim is 34.6 months.
- Disability is the #1 cause of personal bankruptcy in America.
- 82% of Americans do not have enough money saved to cover their bills for 6 months.
Isn't What I Have at Work Sufficient?
If you have disability income at work, that is a great benefit, however, there are a few things that need to be considered...
-Is it enough? Most plans at work are capped at limit of monthly income that will not cover your expenses.
-The coverage you have at work is lost if you lose your job.
-The income you receive at work is taxable when you receive it, to the extent that your employer pays for it.
I Am a Highly Compensated Professional/Executive/Business Owner....Why Do I Need It?
-The higher your income, the more you have to lose.
-You need to cover 65% of your income as minimum to have adequate protection...if your firm offers group coverage...which has a cap...the higher your income the
lower the % of income is protected....it is built-in reverse discrimination against the highly compensated individual....who most of the time is the biggest driver of revenue
What if My Business Partner Becomes Disabled?
- This is a very common occurrence. Your partner will expect to have his/her income continued, even if in your absence, revenue has probably gone down.
- How long can you afford to pay them? 6 months? 1 year? What if they are gone permanently?
I have a Very Successful Medical/Law Practice..What Do I Need to Do to Protect Myself and My Family?
-Professionals like you have very unique needs....in addition to protection your income....
-What happens to my office? Rent? Staff salaries? While you are out on disability you risk losing your staff to another practitioner....and more importantly you stand to lose patients/clients to you competitors....We can show you how to pay for all your office overhead..AND hire a professional practitioner (up to $20,000 a month!) to take care of your patients while you are out.....In the event you are unable to return...you will at least be able to leave in an orderly fashion....without losing a life's work.
We Can Show You How to Protect Yourself and Your Business Against the Loss of Your Income...the Loss of a Partner.....Using Discounted Dollars...and Receiving Benefits That Enjoy Tax Advantages...
What Happens to My Retirement Plan if I am Disabled?
-This is the most overlooked consequence of a long-term disability
Did You Know that by Law Your Company Cannot Contribute to Your Retirement Plan if You are Disabled?
We Will Show You How to Fix this so Your Retirement Isn't Another Victim of Your Disability
At INCOME RESOURCE GROUP we offer simple solutions....you decide .....let's start the conversation.