This Is The Question To Ask Yourself
What would happen if you became sick or injured, were unable to work and could no longer earn a paycheck?
However, if you do not already have protection or if you are unsure of how your current plan works, I’d like the opportunity to discuss with you the importance of understanding your protection plan BEFORE a disability happens.
Nobody expects to become disabled, but the statistics are surprising:
- • Just over 1 in 4 people in their 20’s today will become disabled before they retire.
- • Illnesses cause far more disabilities than accidents do.
- • Forty-three percent of approved new claims for disability insurance in 2012 were for people younger than 50, with 54% of approved claims for women.
Basic DI Concepts Explained
Disability Insurance Basic Concepts
Here we outline the concepts related to disability insurance. The most fundamental idea is that disability insurance replaces lost income in the event of injury or illness that prevents you from being able to earn a living. If your financial lifestyle would be adversely affected by a disability or illness, he or she probably needs disability insurance.
So, ask yourself these two questions:
- How long will it take you to use up your savings, credit cards and sell off your assets (at fair market value) to cover your income as a replacement until you return to work?
- How long will it take you to use up your savings, credit cards and sell off your assets (at fair market value) to cover your income as a replacement if you become permanently disable and waiting to apply for SSI Disability?
The descriptions here, in alphabetical order, focus primarily, but not solely, on individual policies. An indicates particularly important concepts.