Disability Insurance

The statistics are frightening: During our work years, we’re more likely to become disabled than to die. Yet most of us plan for the likelihood of death by purchasing life insurance, but not for the probability of becoming disabled. Nearly one in three Americans will have a need for disability insurance at some point during their careers. Additionally, most are under-prepared for a disruption in their pay. The typical household cannot replace one month of income with liquid savings. One in three American families reports having no savings at all. Ask yourself, if you were unable to work, how long could you survive financially without an income? Do you have substantial savings, investments, home equity or understanding relatives? Maybe. Bur for those who don’t, disability insurance could be the means to financial survival.

Disability insurance, sometimes referred to as income protection is exactly that: Protecting your ability to earn a living. If you become disabled, you’ll receive payments (based on your particular policy) from your insurance company. This check will help you continue paying living expenses such as rent, mortgage, car payment, food, insurance, utilities, medical expenses and more. You could also have additional medical costs associated with your disability that medical insurance won’t cover. Suffering a disability is devastating enough physically and emotionally. Don’t add financial devastation to an already stressful situation. Anyone who relies on their ability to earn a living should purchase disability insurance.