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Protect Your Family from a Disability
Try one in 21. That's more than four times greater than the risk of having a fire, and more than five times greater than the risk you will die this year. Even worse odds: Income lost through disability is twice as great as auto accident losses and three times as great as fire losses.¹ You probably have homeowners insurance to protect against losses from fire, and life insurance to help provide for your family if you were to die prematurely. But is your family protected financially if you were to become disabled and unable to earn an income? Avoiding
a Financial Malady A disability insurance policy pays a cash benefit that can be used to help pay medical expenses, mortgage payments, and other living expenses when your income is interrupted by a medical emergency. The risk of relying solely on an employer's disability insurance plan is that group policies generally pay much less than your regular earnings, and the benefits may be subject to income taxes. This can make it tough to keep up with day-to-day expenses, much less any medical bills you may incur. An individual disability income policy typically pays a higher percentage of your earnings and can supplement group benefits. And if you pay the premiums, the benefits are usually tax-free. The time to consider disability income insurance is when you have your health. The appropriate policy may help your family avoid the dire financial consequences that commonly accompany a disabling illness or injury. 1) 2004 Field
Guide, National Underwriter |
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What
are the odds that you will have a disabling accident in the next 12 months? One
in 1,000? One in 100?