Do I need Disability Insurance?
If you are like 65% of the working population, you have never considered this question. Take a minute to review the following statements.
- > My investment income represents more than 50% of my total income.
- > My children will not need my financial help for their education.
- > I am prepared to sell my home in the event of financial difficulty.
- > If I were disabled, the government would take care of me.
- > I have no expensive hobbies.
- > I do not know anyone who has been disabled for a month or more.
- > My family would happily pay for all my living expenses if I could not.
- > My mortgage payment is less than 10% of my total income.
- > I could afford to take a two-year vacation.
If you answered “No” to any of the above questions, then disability insurance may be very important to you. In fact, anyone who works to earn an income and depends on that income to provide for their living and lifestyle expenses needs disability insurance. So, why does 65% of the work force not have any form of private disability insurance? When questioned, the number one answer was that nobody ever talked to them about it!
So what is disability insurance? Simply stated, disability insurance policy is much like a life insurance policy. However, rather than on death, it pays during disability. And rather than a lump sum benefit, it pays a monthly benefit while the policy’s definition of disability is being satisfied.
Is disability insurance important to you? The answer to this question is: that for 1 in 4 people, it could be one of the most important life-changing decisions they will ever make …for both themselves and their loved ones (1 in 4 people are disabled for 90 days or longer during their life time).