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A person should purchase disability insurance to help offset the potential loss of earned income, which could be financially devastating. Disability coverage, when purchased at specific ages, will give you the peace of mind knowing that in the event of a covered event where you can not work, a stream of income will be provided.
Rates are based on your occupation and specific health factors. When purchased young, premiums are affordable, compared to the potential risk you take by not having coverage.
In today's economy the average individual need his income to pay bills and maintain his standard of living. If that income is interrupted due to an extended disability, the results could be financially devastating At the least the individual would be forced to tap into money set aside for retirement or their child's education. Worst case could result in bankruptcy. Having Disability insurance provides that income lost and protects a persons savings and credit history.
Disability is one of the most neglected indemnification products on the market and it shouldn't be. The statistics are so overwhelming that you will experience a disability during your working life that may force you out of work for 30 months. Disability insurance is really paycheck protection and should be purchased in tandem with term life insurance.
Social Media Strategist, Disability Insurance Services, California
Anyone who values their paycheck or an income should purchase disability insurance. The average American only has 90 days worth of cash reserves, yet the average long term disability lasts 31.2 months! Would you be willing to drain your savings just so you can pay your bills and buy food? By protecting your most important asset - YOUR PAYCHECK - you're giving yourself peace of mind.
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Rates are based on your occupation and specific health factors. When purchased young, premiums are affordable, compared to the potential risk you take by not having coverage.