WHY YOU NEED DISABILITY INSURANCE
Protect Your Income with Disability Insurance
“Some people may be surprised to learn that disability insurance is every bit as important as life insurance. Many times it can be even more important than life insurance.” Streetdirectory dot com
In How to Get Rich Without Winning the Lottery, I touch on insurance basics. This is the one piece of the finance puzzle that you must buy and hope that you never need! We all know about health insurance which helps pay for those gigantic hospital and doctor bills. Then there’s life insurance, if you have someone depending upon your income and you die, this coverage pays your dependents. But what about income protection if you become disabled and cannot work for a period of time? This disability insurance is frequently overlooked, yet you are far more likely to become disabled during your life than you might expect.
The statistics reported at disabilities can happen dot org are startling;
- “Over 1 in 4 20 year olds will become disabled for some period of time before they retire.
- About 12 percent of the population or 36 million Americans are classified as disabled.
- A sample of factors that increase the risk of disability: Excess body weight, tobacco use, high risk activities or behaviors, chronic conditions such as; diabetes, high blood pressure, back pain, anxiety or depression, frequent alcohol consumption or substance abuse.”
How to Protect Yourself from Financial Distress
Just like homeowners, auto, life, and health insurance, you need income protection disability insurance. Many are lucky because their employers offer this type of coverage. Regardless of whether you purchase this coverage on your own or through your employer, the longer you can delay receiving benefits, the smaller your premium will be.
One of the best ways to both keep your disability premiums lower and decrease the likelihood that you will become disabled is to take care of your health. It’s not much of a surprise that poor health habits, overuse of substances, lack of exercise, and improper diet can increase your risk of becoming disabled.
If you are working, you need disability insurance. Check with your employer first, next investigate your existing insurers to determine whether they offer disability insurance as well. Some times bundling insurance with the same carrier lowers premiums.
Treat Yourself and Your Finances Well
Building wealth includes protecting what you earn. Your future earnings will amount to more than a million dollars. Protect that future earning power with disability insurance.
1. Stay healthy or get healthy.
2. Contact your human resources department for information about low cost disability insurance.
3. Contact your auto, home, and life insurers for affordable disability coverage.
4. Do not put this off, you’re more likely to become disabled while working than die.
5. Put it on your “to do” list or it will not get done!
Do you have disability/income protection insurance? If not, why not?
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