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The "I’ll never need it" insurance
Disability insurance could be the most important insurance you DON'T have.
Are you going to live forever? Of course not. As someone once said, life is terminal – and no one gets out alive. Most of us understand that and have accepted it. We draft a will and an estate plan, and we purchase life insurance. But few of us consider disability insurance – the coverage that can help us maintain our income and quality of life while we are alive.
Do you think you don't need disability coverage? Think again. Statistics show that people in their 30s are three times more likely to suffer a long-term disability than they are to die. A recent study showed that a 20-year-old worker's chance of suffering a disability prior to retirement was 3 in 10! While the bulk of those disabled may suffer their disability for about five years, approximately 30% of disabilities are permanent.
A fate worse than death? In financial terms, maybe.
It's time to start thinking about disability insurance. We'd all like to believe that we'll never be disabled. But the reality is … it could happen to you. If it does, will your family be taken care of? Will you be prepared?