Disability Insurance: The Forgotten Need
You have car insurance and homeowners insurance to protect yourself against accidents, but do you have your most important asset protected- your ability to earn a living? What would happen if you were suddenly disabled for a period of time and could not work? Disability insurance is put in place to protect you from that possibility. Disability insurance will provide income for you while you are disabled until you can return to work.
The odds of becoming disabled aren't that great for me, are they?
According to the LIFE foundation, one in three women will be disabled for ninety days or more, one in four men will suffer the same, and one in seven workers will be disabled for five or more years before retiring.
There are also many costs that can pile up while you are disabled that many do not think about. You will most likely have medical bills and if modifications need to be made to your home or car because of your disability, your savings can be wiped away very quickly.
According to the American Journal of Medicine, sixty-two percent of all personal bankruptcies filed in the United States in 2007 were due to an inability to pay medical expenses.
I don't need a disability policy because Social Security will take care of me.
While Social Security is an integral part of our governmental system, it is hardly what you should rely on to get you through tough economic times. The truth is, about sixty percent of applications for Social Security disability benefits are initially denied. Even more, those that are approved, on average, pay barely over the poverty line.
Sure it's possible that you will never become disabled. It is also possible that you will never be involved in a car accident and that your house will never be damaged by a fire, but you protect yourself against those possibilities. If you have a job and rely on your paycheck to fund all the things in your life, you need disability insurance.
Let us help you define your disability needs and prepare you for the curveballs life may throw. Call us anytime to schedule an appointment.