There are a number of reasons, the primary being that, should you become disabled the bills do not stop coming in. Case in point, a close friend recently had a triple bi-pass operation. He has been off work for three months. Could you make your house payment, pay your utilities and credit card bills, buy food and other necessities if you had no pay coming in during that period? If you own a business, would your business be able to continue to operate? How long would you be able to make it without your paycheck? How much of a dent would it put into your retirement or college fund? Disability and Medical Expenses are the leading cause of bankruptcy in the USA. Why not protect your family from the devastating effects of disability?
The number one asset you have is the ability to produce income. Disability insurance is paycheck insurance if you can’t work. Most American workers have 90 days in cash reserves. The average disability is 31 months. The odds are much greater that you’ll experience a disability event than dying.
Disability insurance is one of the most under sold insurance products in the market. The fact is an average person is 8 times more likely to become disabled than to die. It can have an expensive premium depending on your underwriting class, but at claim time you will be glad you purchased it.
Most people depend on the US government for their disability benefits known as SSI through their Social Security. This process takes a minimum of 9 months to complete and most folks are in dire straits financially before receiving their benefits.
I would suggest at a minimum purchasing a short term disability plan. This plan will have a shorter elimination time and pay benefits faster in case of an illness or injury so severe you can no longer work. A good long term disability will coordinate with your SSI to pay benefits as far out as 67 years old and up to 70% of your income.
Also buyer beware of cheaper accident only disability plans. Statistically 90% of all worker related long term disability claims are illness related not injury related
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Most people depend on the US government for their disability benefits known as SSI through their Social Security. This process takes a minimum of 9 months to complete and most folks are in dire straits financially before receiving their benefits.
I would suggest at a minimum purchasing a short term disability plan. This plan will have a shorter elimination time and pay benefits faster in case of an illness or injury so severe you can no longer work. A good long term disability will coordinate with your SSI to pay benefits as far out as 67 years old and up to 70% of your income.
Also buyer beware of cheaper accident only disability plans. Statistically 90% of all worker related long term disability claims are illness related not injury related