Think you don’t need disability coverage? Think again. We all want to leave this world with our financial affairs in good order. So we draft a will and an estate plan and purchase life insurance. But few of us consider disability insurance – the coverage that can help us maintain our income and quality of life while we are alive. And even fewer planners or advisors offer the chance to help you mitigate the risk.
Statistics show that people in their 30s are three times more likely to suffer a long-term disability than they are to die. The non-profit Council for Disability Awareness notes that the average individual disability claim duration is 31.6 months, and that one in eight workers will become disabled for at least five years during their working careers.(1)
A fate worse than death? In financial terms, maybe. Consider this - when you die, your income stops. But so do your expenses. If you are severely disabled and cannot work, your income stops, but your expenses do not. In fact, due to the cost of medical treatment, your expenses may even increase. And the bills continue to hit the mailbox – mortgage, utilities, education – just to name a few.
Will the government take care of you? Many disabled people discover that they don’t qualify for state assistance. Others find that the amount or length of coverage available is not sufficient to support them. It’s an all-too-common story.
It’s time to start thinking about disability insurance. We’d all like to believe that we’ll never be disabled. But the reality is that it could happen to you. If it does, will your family be taken care of? Will you be prepared? Why not find out about the options that are right for you?
Download 21 Questions For Disability white paper
If you would like to have a discussion about disability insurance for yourself or a client, use the form link below or simply give me a call.
Contact Jay Stubbs, CLU
Citations.
1 Council for Disability Awareness (www.disabilitycanhappen.org/chances_disability/disability_stats.asp)