Retirement Protection in the Event of Disability

Ok, so you are smart enough to get a good individual disabiity insurance policy with all the right bells and whistles such as the own occupation definition, residual disability benefits including recovery benefits as in a Guardian Life Insurance disability policy or Berkshire Life Insurance disability policy. You get disabled and you receive benefits and live until 65. What’s missing? Your retirement money. When you became disabled you no longer had earned income and you and/or your employer stopped making contributions to a retirement plan like a 401(k), SEP, profit sharing or other pension plan. What could you do about this? There’s an additional new disability program available through disability insurance companies represented on the protectyourincome.com site that will cover your retirement contributions up to $3,500 per month ($42,000 per year) if you’re disabled. This would be in addition to any disability insurance you already have. The way this program works is after disability and after 6 months or 12 months of disability (depending on how you set it up) the contributions – up to $42,000 per year, go into a trust for you for retirement. When you get to age 65 the money gets paid out as a retirement benefit. If you should die before age 65 your heirs would get the value in the fund. It’s a great idea. It really could be a multi-million dollar idea when you add up what it could be worth to your retirement. You can learn more about this on the protectyourincome.com site (click the following link) : disability retirement protection.