Founder, Abrams Insurance Solutions, Inc., San Diego, CA
Disability insurance is definitely worth having. Just about everyone buys homeowners insurance, but the chances of losing your home to a fire is 1 in 1200. The U.S. Social Security Administration reports that the odds of a 20-year-old worker becoming disabled prior to retirement is 3 out of 10.
Disability insurance, also called paycheck insurance, protects your most important asset - your paycheck. Everything your own or consume (home, car, food, education, etc) is paid for by your paycheck, so why not protect it? The cost is generally 2-4% of your paycheck so it can be economical protection as well.
Agent Owner, Gilmore Insurance Services, Marysville, Washington State
Is disability insurance worth having? The answer depends on the individual. What we're talking about with disability insurance is paycheck protection. Disability insurance doesn't pay for a medical claim, at least not directly. Disability insurance simply creates a pot of money to use as you would with your paycheck. It is up to the individual to decide the worth of protecting their paycheck. Maybe if there's passive income or massive savings the need for disability insurance may not be that great. But, if you're not in that position financially, you should think long and hard about disability insurance.
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Disability insurance, also called paycheck insurance, protects your most important asset - your paycheck. Everything your own or consume (home, car, food, education, etc) is paid for by your paycheck, so why not protect it? The cost is generally 2-4% of your paycheck so it can be economical protection as well.