Protecting Your Loved Ones Together: Why Newly Married Couples Should Consider a Protection Plan

As newlyweds embark on their journey together, it’s essential to consider the future and safeguard your shared life from unexpected events. With the rise of remote work and entrepreneurship, disability insurance has become a crucial aspect of protecting both income and lifestyle. In this article, we’ll explore why newly married couples should consider securing a protection plan for their spouse and children.

The Importance of Disability Insurance

Disability insurance provides financial support if you or your partner becomes unable to work due to illness or injury. With the increasing prevalence of remote work and entrepreneurship, the risk of disability is higher than ever before. In fact, according to the Social Security Administration, over 1 in 4 adults will experience a long-term disability by the age of 67.

Disability insurance can help you:

1. Maintain Income: If one partner becomes disabled, disability insurance provides a steady income stream to support your family’s lifestyle and financial commitments.
2. Preserve Savings: Without adequate financial protection, your savings could quickly dwindle during an extended period of incapacity.
3. Cover Debts and Expenses: Disability insurance can help pay for necessary expenses like mortgage payments, utilities, and groceries.

Options for Coverage

Disability insurance is available to both employees and self-employed individuals. Here are some options to consider:

1. Group Disability Insurance: Many employers offer group disability insurance as an employee benefit. This type of coverage typically provides a higher benefit amount and lower premiums than individual policies.
2. Individual Disability Insurance: If you’re self-employed or your employer doesn’t offer group coverage, individual disability insurance can provide customized protection tailored to your specific needs.
3. Long-Term Disability Insurance: This type of policy covers extended periods of disability (usually over a year) and often offers more comprehensive benefits than short-term policies.

Choosing the Right Policy

When selecting a disability insurance policy, consider the following:

1. Benefit Amount: Determine how much income you need to maintain your family’s lifestyle in case of a disabling event.
2. Waiting Period: A longer waiting period can result in lower premiums but may leave you with insufficient funds during the initial months of disability.
3. Definition of Disability: Some policies define disability as being unable to perform any job, while others require that you be unable to work in your own occupation or a similar one.
4. Cost-of-Living Adjustments: Look for policies that offer cost-of-living adjustments (COLAs) to ensure your benefits keep pace with inflation.

Protecting Your Loved Ones Together

Securing a protection plan for your spouse and children is an essential step in building a strong financial foundation as newlyweds. By considering disability insurance, you can safeguard both your income and lifestyle in the event of an unexpected disability. At Monrauch Group, we specialize in helping couples navigate the world of life and health insurance to find the right coverage for their unique needs.

Click here to schedule a free consultation with us today.

Don’t leave your family’s financial security to chance – contact us today to learn more about how disability insurance can provide peace of mind for you and your loved ones.