A disability insurance policy is no more than a promise to pay, whether you become too sick or injured to work.
No matter how healthy you are today, you are still vulnerable to a disability caused by an unexpected illness or accident. Your ability to earn an income is considered your most important asset - not your home, boat or investments. If your income suddenly stopped, how would you maintain your household? Who would make those retirement contributions? Without an income, you would most likely sell or liquidate your other assets.
You are probably better prepared for death than for disability, however your chances of becoming disabled are much greater. The odds or the probability of Death vs. Disability * for every 1,000 people before age 65 is noted below.
Male Age 30 / 225 deaths / 331 disabilities
Male Age 40 / 218 deaths / 291 disabilities
Female Age 30 / 162 deaths / 566 disabilities
Female Age 40 / 148 deaths / 452 disabilities
* A long term disability lasting 90 days or more
If you think you can rely on others, you can't. Social security offers only limited benefits and 57% of all initial claims are denied. Group Coverage (if you have it) is not portable if you change companies. Benefits are also limited. Workman's Comp offers limited benefits, however you must be injured on the job. Do you have enough savings to support yourself for the rest of your life? You are unable to borrow money because your income has stopped. Will your assets be sold at fair market price or will you be forced to liquidate? Even then will you have enough money to support yourself or family?
The only way to protect your income, family and personal dignity is to own a personal disability income protection plan, aka Disability Insurance Plan. Qualified insurance specialists can assist you in designing a plan to meet your needs. Plan on spending 1.5 to 3% of your income for a quality disability insurance policy. Terms vary from company to company, so compare products carefully. QuoteBroker represents multiple insurance carriers and can provide you with an unbiased approach to selecting the best plan for your particular needs.
More technical information will be published soon.
No matter how healthy you are today, you are still vulnerable to a disability caused by an unexpected illness or accident. Your ability to earn an income is considered your most important asset - not your home, boat or investments. If your income suddenly stopped, how would you maintain your household? Who would make those retirement contributions? Without an income, you would most likely sell or liquidate your other assets.
You are probably better prepared for death than for disability, however your chances of becoming disabled are much greater. The odds or the probability of Death vs. Disability * for every 1,000 people before age 65 is noted below.
Male Age 30 / 225 deaths / 331 disabilities
Male Age 40 / 218 deaths / 291 disabilities
Female Age 30 / 162 deaths / 566 disabilities
Female Age 40 / 148 deaths / 452 disabilities
* A long term disability lasting 90 days or more
If you think you can rely on others, you can't. Social security offers only limited benefits and 57% of all initial claims are denied. Group Coverage (if you have it) is not portable if you change companies. Benefits are also limited. Workman's Comp offers limited benefits, however you must be injured on the job. Do you have enough savings to support yourself for the rest of your life? You are unable to borrow money because your income has stopped. Will your assets be sold at fair market price or will you be forced to liquidate? Even then will you have enough money to support yourself or family?
The only way to protect your income, family and personal dignity is to own a personal disability income protection plan, aka Disability Insurance Plan. Qualified insurance specialists can assist you in designing a plan to meet your needs. Plan on spending 1.5 to 3% of your income for a quality disability insurance policy. Terms vary from company to company, so compare products carefully. QuoteBroker represents multiple insurance carriers and can provide you with an unbiased approach to selecting the best plan for your particular needs.
More technical information will be published soon.
