Protecting your Paycheck is Simple as 1-2-3
What would you do if you couldn't earn an income due to a disabling illness or injury?
How do you find the right Disability Income Insurance, or DI plan, for your budget?
Start by answering three simple questions. Question one. How much do you need to cover your basic monthly expenses? This is your benefit amount. Add up your mortgage, utilities, and groceries. You'll have a good idea of how much DI you need to cover your expenses each month.
Question two. How long would you need DI benefits to last? This is your benefit period. For many policyowners, two years of coverage is affordable and provides proper time for recovery and evaluation.
Question three. How long could you go without a paycheck? This is your elimination period. When purchasing DI, you'll be asked to choose your elimination period which is how long you can wait before your disability insurance benefits begin.
Take the next step toward building your income protection plan. Contact your Illinois Mutual agent today.
Simply add up how much you pay for these basic monthly expenses.
Calculating your monthly mortgage or rent, utilities and grocery costs gives you a good starting point for figuring out how much disability income insurance (DI) you might need if you become sick or hurt and totally disabled. Consider factoring in car payments, childcare costs, credit card debt and other monthly expenses.