Life and Disability Insurance

 
 

Life and Disability Insurance

It’s critical to have an understanding of life and disability insurance in order to cover all of your bases for you and your loved ones when the unexpected occurs.

Life insurance is a policy that provides a fixed amount of net death benefit for a fixed premium for a fixed period of time. People may ask themselves if they really need life insurance. Those left behind would say, “Yes.” You’ve worked to establish financial stability for your family and life insurance is the foundation upon which it all rests. Life insurance helps guard your loved ones from making a drastic change to future plans when you pass away. In fact, there are several stages of life when a safety net is important:

  • Getting married

  • Becoming a parent

  • Purchasing a home

  • Changing jobs

  • Retirement planning

  • Change of marital status

The amount of life insurance needed can be calculated as your current and future financial obligations minus your spouse’s earnings, savings, investments and life insurance you already own. When you consider immediate, ongoing and future expenses, realize that the coverage needed is often 10 to 15 times your gross annual income, sometimes more. Life insurance can be acquired by use of an insurance professional, through work or via direct purchasing.

Meanwhile, disability insurance is also important because it offers income protection to individuals who become disabled. Suffering a long-term disability is high for all workers because illness - not accidents - account for many of the disabilities that keep people from work. Disability insurance can be purchased through your employer, via a professional organization or be bought on your own.

Dollar Bank is a proud partner of DCR and is committed to supporting the organization in its efforts to build a well-connected community of residents in downtown Cleveland. Stop by either of our convenient downtown Cleveland Dollar Bank offices (Galleria and Public Square) to speak with our banking representatives so they may answer any further questions for you!

The information presented is general in nature and is for information purposes only. It is not intended to provide specific legal, tax or other advice to individuals.