Why Do I Need Disability Insurance

Why Do I Need Disability Insurance

Photo by: Maarten van den Heuvel / Unsplash

Your career is a direct result of hard work and a substantial investment of time and money. Does not it make sense to fully protect it? A disability could render you helpless by taking away the one thing that you need to safeguard all of your assets: your income.

Home, auto, life, and health insurance are definitely valuable investments, but failure to couple them with disability insurance will jeopardize your full financial security. For example, health insurance may cover the potential fiscal pitfalls of the medical bills that result from a disability, but the rest of your financial obligations are not going to come to a halt. Vehicle payments, mortgages, insurance premiums, and even savings for the future are all important expenses that can not be ignored just because you are disabled. Unfortunately, the chances of becoming disabled may be greater than you think.

According to the 1994 Statistical Abstract of the United States, in the course of a year, odds are that 1 in 10 people between the ages of 25 and 64 will suffer a disability. When comparing that ratio to the odds of being a victim of a house fire (1 in 122); injured in an automobile accident (1 in 160); or even of death (1 in 117), the advantage of disability insurance is clear. A February 2000 article in the New York Times reported that 1 in 7 people between the ages of 35 and 60 will become disabled for five years or more.

Despite these glaring statistics, many people still take a…



Source by Toby Lason