Many individuals fail to consider the fact that they should buy disability insurance until they experience a sickness or an injury that limits or completely stops their ability to work. At that point, it is too late. The financial damage is done. Professional disability insurance is a specially-designed form of insurance that will assist in replacing a pre-designated portion of the income from your job should you experience an injury or an illness that results in your inability to work. Essentially, it is a form of paycheck protection. Individual short-term disability insurance provides policy carriers with a high sense of security because they know, if they should experience an unexpected sickness or injury, they will continue receiving an income each month. If you buy disability insurance today, you are taking a critical step in protecting yourself and your loved ones tomorrow!
Your Most Important Asset
If you have an income, you must know and understand that it is your most important asset. Every single aspect of your life is 100% dependent on your income. The home that you live in, the vehicle that you drive, your utilities, your emergency fund, your savings – absolutely every aspect of your life is dependent upon your income. It is not at all unusual for people to insure certain possessions, such as the home and the vehicle that they drive; however, one asset that should always be insured and protected is your income. If you buy disability insurance, you will be taking the step that is necessary to protect your income in the event of an emergency.
In order to understand the necessity of obtaining professional disability insurance, let’s consider a few basic statistics:
- It has been established that an illness or an injury will result in 1 out of 5 people out of work for a period of at least 1 year before the age of 65.
- The risk of missing 3 months of work due to a form of disability is approximately 1 out of 3.
- You have a higher risk of developing an unforeseen disability than you do experiencing death prematurely.
How Would YOU Cope?
If you experienced an injury or an unforeseen serious illness today, how would you cope when it comes to paying bills and handling your financial obligations? Do you have enough in your emergency fund or your savings to cover 3 months or more of lost income? According to research, most people are unable to miss more than 2 months of work before having to reach out for financial assistance; however, this type of assistance is difficult to obtain if there is no income. It is stressful enough to experience an unexpected illness or injury. Why add to the stress of losing your income on top of that? Simply buy disability insurance today and you will be protecting yourself and your family from the financial devastations that could occur tomorrow.