Why Do I Need Disability Insurance?
Your career is a direct result of hard work and a substantial investment of time and money. Doesn’t it make sense to fully protect it? A disability could render you helpless by taking away the one thing that you need to safeguard all of your assets: your income.
Home, auto, life, and health insurance are certainly valuable investments, but failure to couple them with disability insurance will jeopardize your full financial security. For example, health insurance might cover the potential fiscal pitfalls of the medical bills that result from a disability, but the rest of your financial obligations are not going to come to a halt. Vehicle payments, mortgages, insurance premiums, and even savings for the future are all important expenses that cannot be ignored just because you are disabled. Unfortunately, the chances of becoming disabled might be greater than you think.
According to the 1994 Statistical Abstract of the United States, in the course of a year, odds are that 1 in 10 people between the ages of 25 and 64 will suffer a disability. When comparing that ratio to the odds of being victim of a house fire (1 in 122); injured in an automobile accident (1 in 160); or even of death (1 in 117), the advantage of disability insurance is clear. A February 2000 article in the New York Times reported that 1 in 7 people between the ages of 35 and 60 will become disabled for five years or more.
Despite these glaring statistics, many people still take a substantial risk by ignoring the benefits offered by a disability insurance policy. In 2000, a survey by The Consumer Federation of America and The American Council of Life Insurers found that 82 percent of people do not have long-term disability insurance or believe their coverage is inadequate.
The alternatives to disability insurance all carry a degree of risk or have some sort of drawback. Social Security benefits are difficult to qualify for and the disability must prevent you from working in any occupation. Worker’s compensation benefits are limited and only cover job-related sickness or injury. Other options—relying on savings, family, and/or friends—are not guaranteed and have considerable downside.
Guard your assets—don’t leave yourself vulnerable by neglecting to protect your income.
Andy Puls is a freelance writer for http://www.doctordisability.com Your Article Search Directory : Find in Articles
Recent articles in this category:
- What Is Best Treatment For Malaria?
Malaria is directly correlated with traveling to foreign countries with large populations of Aedes m - Radiofrequency Neurolysis of Facet Joint
What is radiofrequency ablation (RFA)?Radiofrequency is a means of interrupting pain signals. An ele - Health Insurance Information for College Graduates
Resume...Ready.References...Ready.Health Insurance...what?Now that you've graduated from college, yo - Low Cost Health Insurance In Texas
Texas health insurance options are pretty good if you need to get individual or family health insura - Individual Health Insurance - The Good, The Bad & The Ugly
Individual health insurance coverage can be very costly and may not provide 100% of all of the benef - Understanding Health Insurance
Health insurance is a necessity for all. With medical expenses soaring every day higher than a hang - Blue Cross Blue Shield Michigan Heads April's Chiropractic Office Billing Software Precision Index
Chiropractic Office Billing Software Performance Index (BPI) in April 2007 outperformed its March va - Tips On Finding The Right Health Insurance For Your Family
Choosing the right health insurance provider is a big decision, but it's an even bigger decision whe - NPI Deadline Extension? How Does the CMS 1500 and NPI Deadline Extension Affect Your Office
There is a lot of buzz out there about the CMS, Center for Medicare and Medicaid Services, extending - The Ultimate Guide to Buying Health Insurance
If you've found your way to this article, chances are that you're looking to purchase health insuran
Most viewed articles in this category:
- Aromatherapy Information
Guidelines that Aromatherapy enthusiasts ought to knowCombined with the mode on new age events on th - The Benefits of Not Having Health Insurance
Sounds silly doesn't it.But wait.The benefits of not having health insurance can be summed up in one - Ups and Downs of the "New" Consumer Directed Healthplans
After nearly 20 years of low copays for office visits, prescriptions, hospitalizations and the like, - Individual Health Insurance
If your employer does not offer group insurance, or if the insurance offered is very limited, you ca - Affordable Health Insurance in Houston, Texas
Houston, Texas provides many things to many people. Museums, fairs, marathons, festivals - you name - Free Health Insurance Quotes
Why waste time calling one insurance company after another to get health insurance quotes? Just as t - Health Insurance Is Important
The importance of health insurance cannot be stressed enough. There are probably very few families - Affordable Health Insurance in Michigan
If you are having trouble finding affordable health insurance in Michigan, you may want to look into - Cold Sore Treatment - Grandma's Breakthrough Treatment Leaves Experts Clueless
About 50% to 80% of the American population carries the herpes simplex 1 virus. That is easily more - Definition of Insurance
Perhaps one of the problems contributing to the rising cost of health insurance stems from the fact
