Who Needs Disability Insurance?

Who Needs Disability Insurance?

Photo by: Chad Madden / Unsplash

If you are like most people on this planet, you are not financially free. You would not be able to stop working and still support yourself and your family from your financial resources. Your ability to work for a salary or wages would there be one of your greatest assets. Have you insured this asset?

If disability suddenly stops you from being able to work, how would you earn an income? How long would you survive without a paycheck? If the situation described above is a cause for concern, you need disability income insurance. You can become disabled either from an accident or for medical reasons.

One life insurance company defines disability as "the insufficiency of the life assured to perform any part of any occupation in which he was engaged immediately before the incident of the incident Further, the life assured must not be following any other gainful occupation"

Disability is often referred to in life insurance circles as the worse hazard, because if you become disabled: –

– You stop earning salons or wages,
– Your life insurance policies will not pay a claim, since you did not die,
– Your illness will consume a significant portion of available funds.

Here are a few facts on disability: –
– Each year, 1 person in 8 will suffer disability (Source: National Association of Insurance Commissioners)
– 1/3 of all people between the ages of 30 and 64 will become disabled sometimes in their lives (Source: Health Insurance Association of America)
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Source by Michael McGibbon