Actually, this title is a bit misleading. As an individual progresses through life, he or she may decide to get married or have children. In that case, you may need financial security for all of your family’s life stages.
Regardless, as life unfolds, your responsibilities and priorities change.
And these changes do not matter to disability insurance. No matter your circumstances, the proper disability insurance offers financial security.
Disability Insurance Is a Major Form of Financial Security
Let’s simply use an example disability insurance’s benefits. Let’s say you are married with one child, and you are the sole breadwinner. At this point in your life, financial security is no longer a luxury, it is a responsibility.
Here are a few of the things you need to financially protect:
- Spouse’s lifestyle
- Family’s retirement funds
- Child’s educational future
- Family’s future dreams
You seem to be doing just fine with your current income. You have great health care, life insurance, and car insurance. And you have started to save for your emergency fund, retirement, and your child’s education. All you need to do is work another couple of decades and you and your loved one retire in bliss.
You forgot something. Income protection. Every stage in your life depends upon your ability to earn. And then one day, you can no longer work for at least a year or so. What now?
We Insure our Cars but What About the Income That Buys the Car
Or, we have great health insurance to cover health costs, but what happens if our illness halts income?
Your spouse may be able to go to work, but your income potential is much higher than theirs. Life would be drastically different.
Disability Insurance is Income Protection
If this scenario sounded frightening, think about this. The average individual disability claim lasts 31.6 months. And 46 percent of adults could not cover a $400 emergency, or would have to sell something to get this amount.
Don’t Be Penny Wise and Pound Foolish
Disability insurance replaces a portion of your income if you should ever become ill or injured and unable to work. It would be silly to have great health insurance and car insurance, but not have income insurance.
To protect your loved ones, download your complimentary infographic here.