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.
If you are unable to earn a living, the question is how long will your savings account last? Will you need to withdraw money your retirement account? How long will you be able to keep borrowing money from your family and friends? The best plan is to buy disability insurance and switch the liability for your income if you are unable to work to an insurance company.
It is also important to understand group disability insurance available through your employer is not the same as having your own individual, personally underwritten, disability insurance policy. Qualifying for benefits from a group disability insurance policy is more difficult compared to qualifying for benefits from a personally underwritten, individual disability insurance policy.
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