Is It Worth It To Get Disability Insurance?
10968 POINTSview profileTim WilhoitOwner, Your Friend 4 Life, Brentwood TNThe only time it is worth purchasing disability insurance or any insurance for that matter is when you need it at claim time. Unfortunately, no one knows when that time comes. Disability insurance is a must if you earn an income to live. Statistically you are 8 times more likely to become disabled by an illness or injury than to die from that illness or injury. If you can fit disability in your budget, buy it before it is too late.Answered on October 17, 2014flag this answer.JPG)
63333 POINTSview profilePeggy MaceMost of the U.S.In most households, people rely on their paychecks that pay the bills. Disability Insurance ensures that you have a paycheck coming in even if the person earning it is disabled for an extended period of time. In that sense, it is worth it. It is impossible to buy Disability Insurance after you are already disabled. So the time to get it before you need it.Answered on October 18, 2014flag this answer
21750 POINTSview profileJim WinklerCEO/Owner, Winkler Financial Group, Houston, TexasThat is a really good question. With money tight, and tons of choices to make as to what to spend it on, insurance is often one of those choices that gets put off making. Too often, we think, I'm healthy, or it'll never happen to me, or I have time to think about it later, and then life happens, and it's too late. The purpose of disability insurance is to help protect your income if something were to keep you out of work for a significant period of time. If you can find a policy that you can afford, that will cover you at least for a short period of time, you might be able to avoid being one of the 60% who go bankrupt because of medical emergencies, and the loss of work. If you have a solid financial plan, with your three month savings, and some liquid assets, maybe this isn't something you buy; but if missing a month of work would sink you and your family, then perhaps it's worth it to look into. I hope that helps, thanks for asking!Answered on October 20, 2014flag this answer
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