Shield Your Assets with Disability Income Insurance

Although it is challenging to consider, one day, you may lose your ability to earn a living.  An accident or injury could occur at anytime and cannot be anticipated.  According to statistics presented by the Center for Disease Control’s injury research department, an estimated 5.3 million Americans live with a debilitating disability. Each year, about 80,000 more become disabled.  The CDC concluded that over half of non-minor injuries result in some debilitating disability.

Your medical insurance does not cover all of the costs that accompany a disability, which comes as a surprise to many people.  Even if a group policy covers you, you may only be eligible to receive a small percentage (usually 50-60% of gross income) of your current income if you cannot work, and benefits could last only a short time.

Social security disability will only be approved if you are severely disabled, and payments will not begin until six months after applying.  Do not expect savings to cover you during this period; you may completely exhaust them within a few months.  This could damage your credit if you fall behind on the mortgage, insurance, or bill payments:  46% of all home foreclosures are caused by a disability, according to the U.S. Department of Housing and Urban Development.  Sudden loss of income is a devastating, unpredictable experience, and it pays to be adequately prepared.

A private disability income insurance policy can provide monthly benefits to replace a portion of your income if you become disabled.  This will prevent you from exhausting your retirement savings, leaving you without money to support yourself later in life. 

While most people understand the importance of life insurance, many overlook the value of disability coverage.  It seems we anticipate death more fully than we expect, becoming disabled.  Disability insurance could prevent this unanticipated financial strain by ensuring that you and your family can maintain a comfortable standard of living regardless of whether you can work.