Five tips to keep an injury or illness from stopping you

Five tips to keep an injury or illness from stopping you

Your income is one of the most important things you work for. Not only does it allow you to pay for the essentials such as your home, car and food; it allows you to save and plan for the future while also enjoying life doing the things you love.

It can take years to build up your savings. However, becoming sick or injured can deplete that wealth in a matter of months.

Here are five tips to help make sure an injury or illness doesn’t stop you.

Review what’s available through your employer

The first step is knowing what you already have. Review your employer benefits guide to see what type of disability income insurance is available. Typically, basic long-term disability insurance pays 50 to 60 percent of your base salary (pre-tax) for a certain period. It’s a one-size-fits-all type of product that is not specifically designed to meet all of your expenses. In addition, it only pays if you are still employed with that company.

Catalog your expenses

Understanding the total cost of the expenses needed to maintain your lifestyle each month is an important step in insurance planning. Once you know your living/household expenses, how long could you survive on 50 to 60 percent of your paycheck? How quickly would your savings be drained just to cover the difference in your paycheck?

Consider supplementing your coverage

Even if you have long-term disability income insurance through your employer, you can often get additional support by purchasing an individual disability income insurance policy. The benefit to this policy is you own it as long as you pay your premium. It’s not dependent on your employer and follows you even if you change jobs. Private insurance, coupled with your employer group insurance, can provide a better package of coverage in case of a disability.

Insurance rates are the lowest when you are younger

Disability income insurance rates are based in part on your age. You can save on your premiums if you purchase disability insurance in your 20s and 30s. In addition, it may be easier to qualify in your younger years when you tend to be healthier.

Choose a company that is financially strong

You want a company that is going to be around to pay your claim if you need it. When you are evaluating policies, be sure that the policy is from a financially strong company with financial strength ratings of "A" or higher. A.M. Best, Standard & Poor’s, and Moody’s are rating agencies and all offer company ratings on their websites.

Next steps

Contact your Ohio National financial professional to help you plan so a disability doesn’t come between you and your lifestyle.

All ratings information is according to reports published on: and For the most current ratings, see

Disability income insurance policies issued by Ohio National Life Assurance Corporation. Product, product features and rider availability vary by state. Guarantees are based upon the claims-paying ability of the issuer. Disability income insurance is not available in CA. Issuers not licensed to conduct business in NY.

Disability income insurance policies contain exclusions, limitations, reduction of benefits and terms under which the policy may be continued in force or discontinued. For complete details of coverage, contact your financial professional or the company.