The most important asset you have is the ability to get up and work each day. If you are not able to work and earn a living then all the other things in your life will not be paid for such as rent or mortgages, car payments, car insurance, health insurance, homeowners’ insurance, food and all your other expenses.
If you are unable to earn a living, the question is how long will your savings account last? Will you need to dip into your retirement funds? Can you borrow money to keep you going from your family and friends? The best plan is to buy disability insurance and switch the liability for your income to an insurance company.
Most people under the age of 40 use their disability insurance because of an injury which suspends their ability to work. People over the age of 40 mostly use their disability insurance because of an illness.
If you become unable to work and earn a living, disability insurance will replace your income while you recover from your injury or illness. Between the ages of 20 and 65, Statistics show that you are 3 ½ times more likely to become disabled and benefit from owning disability insurance as compared to prematurely passing away and your beneficiaries receiving life insurance death benefits.
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