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Posted on: April 9th, 2014 by admin
We all want to leave this world with our financial affairs in good order. So we draft a will and an estate plan and purchase life insurance. But few of us consider disability income insurance - the coverage that can help us maintain our income and quality of life while we are alive.
Statistics show that people in their 30s are three times more likely to suffer a long-term disability than they are to die. The non-profit Council for Disability Awareness notes that the average long-term disability claim duration is 31.6 months, and that one in eight workers will become disabled for at least five years during their working careers.1
Leading Causes of Disability Claims Accidents aren't the only cause of disability. In fact, the majority of all claims are due to illness.
Consider this - when you die, your income stops. But so do your expenses. If you are severely disabled and cannot work, your income stops, but your expenses do not. In fact, due to the cost of medical treatment, your expenses may even increase.
Many disabled people discover that they don't qualify for state assistance. Others find that the amount or length of coverage available is not sufficient to support them. It's an all-too-common story.
We'd all like to believe that we'll never be disabled. But the reality is that it could happen to you. If it does, will your family be taken care of? Will you be prepared? Don't wait till a disability strikes to decide to acquire this valuable coverage. It'll be too late!
Citations. 1 - disabilitycanhappen.org/chances_disability/disability_stats.asp [7/3/13]