Syndicated Financial Columnist, Host of the weekly talk show Steve Savant's Money, the Name of the Game, Scottsdale Arizona
Disability insurance is very important to have because it's paycheck protection. After life insurance, disability insurance is the most critical coverage. Most American workers have 90 days in cash reserves, so spending between 3 and 5% of your compensation to protect it can pay off with the odds of you being disabled once in your working life.
Social Media Strategist, Disability Insurance Services, California
Disability Insurance can pay you a monthly benefit should you ever become sick or disabled. It's commonly thought that you don't need disability insurance if your job doesn't put you at risk, but people fail to realize that 90 percent of disabilities are caused by illnesses, not by accidents. Whether you break your leg skiing, get cancer or have a mental nervous problem, disability insurance can protect your income when you're unable to work.
Disability Insurance is what pays your bills if you are unable to work.
When you buy Long Term Disability Insurance, you pick an elimination period that can be from a month or up to a year, with the most common elimination period being 3 months. When you are determined unable to work due to illness or injury, your elimination period starts counting down. When that time is up, your Disability Insurance starts paying you cash.
By that time, most people have had to dip into savings and/or make other adjustments to their lifestyles, just to get by. Having Disability Insurance to pay them a large percentage of their paychecks is important for financial, emotional, and possibly even physical reasons.
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When you buy Long Term Disability Insurance, you pick an elimination period that can be from a month or up to a year, with the most common elimination period being 3 months. When you are determined unable to work due to illness or injury, your elimination period starts counting down. When that time is up, your Disability Insurance starts paying you cash.
By that time, most people have had to dip into savings and/or make other adjustments to their lifestyles, just to get by. Having Disability Insurance to pay them a large percentage of their paychecks is important for financial, emotional, and possibly even physical reasons.