Disability Insurance
Disability insurance is a plan that provides monthly payments to replace your income when you are unable to work due to an accident or illness causing a disability. Disability insurance gives you a simple way to help protect one of your most valuable assets – your earning power, and with it the ability to achieve the lifestyle you deserve. When you can't work, disability insurance goes to work for you.
The reality is that 1 in 3 people, on average, will become disabled between age 35 and 65 for more than 90 days and the average length of disability will last approximately 2.6 years.
While many people think that disabilities are typically caused by freak accidents, the majority of long-term absences from work are actually due to illnesses, such as cancer and heart disease.
Your income is typically your largest asset. For many, a sudden interruption of income cash flow could have serious financial consequences. Most of us have some kind of personal debt, typically a mortgage or credit card bills. Would you be able to maintain your standard of living if you were too ill or injured to work for an extended length of time? The loss of income can be so devastating that it forces some people to foreclose on their home or even declare bankruptcy. Income loss could be accompanied by unexpected expenses such as rehabilitation, education or training for a new job, modifications to the home or car to accommodate a handicap, and round-the-clock medical care. For all of these reasons, almost anyone who works – whether they're single, married, with children or without – should consider disability insurance.
