Disability Insurance
Typically, people buy property and casualty insurance to protect their possessions (houses, cars, and furniture) and life insurance to provide income for their survivors.
However, many people don't think about protecting their income with disability insurance. But how well could you live if you weren't able to work? Disability is an unpredictable event, and if you become disabled, your ability to make a living could be restricted. Although you may have enough money in the bank to meet your short-term needs, what would happen if you were unable to work for months, or even years? The real value of disability insurance lies in its ability to protect you over the long haul.
A look at the odds
Statistically, your risk of being disabled is great. In a given year, the following events occur with the following frequency:
Event Frequency
Home fire 1 out of every 88 homes
Serious auto accident 1 out of every 70 autos
Disability 1 out of every 8 people
A further look at disability statistics reveals the following:
• A 30-year-old man has a one in five chance of suffering a long-term disability before his planned retirement.
• A 30-year-old woman has a one in three chance of suffering a long-term disability before her planned retirement.
• Roughly 50 percent of people who suffer disabilities lasting longer than six months remain disabled after five years.
• Heart disease and back problems are the two most common causes of disability.
• More people lose their homes through disability than through fire or death.
• One in seven employees will be disabled for five years or more before retirement
As these statistics show, your chances of being disabled for longer than three months are much greater than your chances of dying prematurely. One reason for this is that medicine has found ways of treating many illnesses and injuries that previously would have been fatal. Although this is good news, it increases your need to protect your income with disability insurance.
Of course, statistics can be misleading. You might never become disabled, especially if you're healthy and work in a low-risk occupation. But then again, how many people do you know who have had cancer or have suffered a heart attack? How many of your friends and family members have been in car accidents or have had back problems? Illness, as well as injury, is disabling. If you were hurt or got sick, how would you support yourself or your family?
Life Insurance
We have a wide range of Life Insurance products to offer. Whether you are in Good Health or Poor Health, we may have a plan which will fit your needs.
Our job is to help you evaluate your options and find a suitable solution for you. Call us today at 1-866-376-4225.