Who Needs Disability Income?
The quick answer is practically everyone! Yet most consumers overlook the need for this type of coverage. Most people have life insurance and health insurance. Why? Because they realize the cost of funeral expenses and medical bills could overwhelm them and their family.
Ask yourself if you rely on another spouse or family members income to pay the bills.
If the answer is yes, you may likely need Disability insurance.
While many clients think disabilities won't happen to them, the statistics show that this isn't true. For example:
30-year-old has a 50% chance of suffering a disability within 35 years.
This chart shows the chances of suffering a long-term disability of 90 days or more before an individual reaches the age of 65.
|
AGE
|
PERCENTAGE
|
DASABLED
|
|
25
|
52%
|
1out of 2
|
|
30
|
51%
|
1 out of 2
|
|
35
|
48%
|
4 out of 9
|
|
40
|
45%
|
4 out of 9
|
|
45
|
40%
|
2 out of 5
|
|
50
|
34%
|
1 out of 3
|
|
55
|
27%
|
1 out of 6
|
|
60
|
16%
|
1 out of 6
|
As you can see, it's extremely important that you realize the risk of becoming disabled. More importantly to be prepared in the unfortunate event a disability strikes you or a loved one.People often incorrectly believe they will be covered by Social Security, Workers' Compensation, or their own savings. This simply isn't true most of the time. Although these programs and savings can certainly help to supplement income, you can't expect to be able to recoup their entire income using these sources.
Social Security benefits are often difficult to obtain, since the restrictions state clients must be completely disabled with no hope of recovery for a period of at least one year, or have a disability expected to be fatal. Workers' Compensation offers limited benefits, But only if you are injured while on the job. The last resort, personal savings, is often a risky place for you to place your faith. A short disability is likely to wipe out any savings, even if they are substantial. When no income is being generated, money for the mortgage, utilities, car payments, and other large expenses may consume your personal savings. If you are unsure whether or not you need Disability insurance, consider the following. The most valuable asset you possess is the ability to work and provide an income for your family. Make sure you protect this asset.
A quality disability insurance plan will provide you sufficient coverage in the event of a disability. Give your family peace of mind.
Simple Issue Disability Plans -Income is an individual guaranteed-renewable disability income insurance policy with simplified application and issue processes. It's ideal for individuals in the lower to upper-middle income markets. Maximums of $2500 benefits 24 month benefit period
Fully Underwritten Personal Disability- Provides a benefit if insured becomes sick or injured and unable to work. Ideal for individuals in the lower to upper-middle income markets and small-business owners. Maximum of $9,000 in benefits. 1,2,5, and to age 65 benift period
