Disability Versus Life Insurance- Which Is More Important?
- Date: 2008-07-12 - Word Count: 428
Share This!
What if you need money and you are still alive?
Choosing between protection on your life and protection on your income is a decision best not made. Both are very important. Life insurance is essential when you have dependents who would suffer without you being there to provide financially. Life insurance is an inexpensive gift to those we love the most. It continues your provision and love even after an untimely death.
However, what happens if you lose your ability to work, even for a short time? Think about it for a moment.
Ask yourself these questions:
1. If I am sick or injured and cannot work is there someone who can provide for me during that time?
2. If a relative or friend who could provide for you, would you mind
asking that person for help?
3. Do you have a spouse who works and could you survive on their income alone or must you contribute money towards basic living expenses?
4. If you must have money coming in, how much would you need to keep the roof over your head and food on the table?
The key question is: What if you need money and you are still alive?
It is that question that moves me off the fence on life versus disability insurance. Life insurance is in essence death insurance. In most cases, it provides no benefit while you are alive. Life insurance provides for your loved ones after your death.
Are you aware of the statistics about how likely you are to be still alive and unable to work for a period of time- short or long? Without disability insurance, you may be around to watch your loved ones suffer. Without your income how can you pay any of your bills? An emergency fund of at least six months income can prevent a crisis for short term income loss. Living debt free is also very helpful when the unexpected occurs.
How many of us live the ideal debt free lifestyle and have even one month's emergency fund? Everyone knows that most Americans live paycheck to paycheck. Most of us are only a few paychecks from being out on the street. Although a disabling injury occurs every few seconds, we are NOT financially prepared if an accident or sickness interrupts our ability to work. Even group disability benefits at your job can leave you with as little as 40% of your income after taxes. Can you live on 40-50% of your income?
Disability insurance is even more essential than life insurance because it provides money while you are still alive!
Written by Anne Foster at www.annesinsurance.com
Choosing between protection on your life and protection on your income is a decision best not made. Both are very important. Life insurance is essential when you have dependents who would suffer without you being there to provide financially. Life insurance is an inexpensive gift to those we love the most. It continues your provision and love even after an untimely death.
However, what happens if you lose your ability to work, even for a short time? Think about it for a moment.
Ask yourself these questions:
1. If I am sick or injured and cannot work is there someone who can provide for me during that time?
2. If a relative or friend who could provide for you, would you mind
asking that person for help?
3. Do you have a spouse who works and could you survive on their income alone or must you contribute money towards basic living expenses?
4. If you must have money coming in, how much would you need to keep the roof over your head and food on the table?
The key question is: What if you need money and you are still alive?
It is that question that moves me off the fence on life versus disability insurance. Life insurance is in essence death insurance. In most cases, it provides no benefit while you are alive. Life insurance provides for your loved ones after your death.
Are you aware of the statistics about how likely you are to be still alive and unable to work for a period of time- short or long? Without disability insurance, you may be around to watch your loved ones suffer. Without your income how can you pay any of your bills? An emergency fund of at least six months income can prevent a crisis for short term income loss. Living debt free is also very helpful when the unexpected occurs.
How many of us live the ideal debt free lifestyle and have even one month's emergency fund? Everyone knows that most Americans live paycheck to paycheck. Most of us are only a few paychecks from being out on the street. Although a disabling injury occurs every few seconds, we are NOT financially prepared if an accident or sickness interrupts our ability to work. Even group disability benefits at your job can leave you with as little as 40% of your income after taxes. Can you live on 40-50% of your income?
Disability insurance is even more essential than life insurance because it provides money while you are still alive!
Written by Anne Foster at www.annesinsurance.com
Related Tags: life insurance, disability insurance, emergency fund, inexpensive gift, ideal debt, disabling injury, short term income loss, sickness interrupts
Anne is trained and experienced as a teacher, college psychology instructor, professional counselor, pubished technical writer and photo journalist. She is the owner of www.annesinsurance.com, a firm that provides help to people and businesses who need to plan for disability insurance. Your Article Search Directory : Find in Articles
Recent articles in this category:
- Motor Trade Rundown
It is not just cars that must be insured on British roads, every type of motor vehicle is required b - Claiming Compensation For Defective Products
Compensation claims for injury and damage caused by faulty, defective products normally target eithe - Ideas To Uncover Affordable Rate Auto Coverage
These days, everyone is looking for ways to lower expenses. Certain costs like home and car insuranc - Should It Be Illegal For People To Drive Without Vehicle Insurance?
There are many drivers on the road who drive un-roadworthy vehicles. The worst part is not that they - Do You Need Static Caravan Insurance?
Static caravan insurance is an automobile insurance that deals with vehicles that are used while on - Insurance - Tool For Personal Finance Planning
Financial planning is must for every individual. When we start saving money for our goals, there is - Family Life Insurance Policy For The Families Staying In Dubai
The main motive of insurance policy is to give financial security to the person's family especially - Buying Temporary Health Insurance In Florida
You are the resident of Florida? You are between jobs and therefore are not looking for a long term - Car Insurance Is Of The Utmost Importance In Today's Lifestyle
In today's hectic lifestyle we are always rushing to get from one place to another, whether it be ru - Health Insurance Companies Are Using New Laws As An Excuse To Raise Their Rates
Government officials are cautioning insurance companies to stop utilizing scare tactics to steam up
Most viewed articles in this category:
- International Health Insurance: Insure Yourself While in Go
We all will agree that whether we are living in our home country or abroad, our health needs constan - It's Never Too Early to Buy a Long Term Care Health Insurance!
Most people delay buying a long term care health insurance because they think that it is too early t - Home Owner Insurance Quote: Stay Safe!
Your house will not be fully secured until and unless you have a home owner insurance policy. A home - The Benefits of Health Insurance Are Immense!
Almost everyone in this world has fallen ill sometime or the other. Apart from illness, many people - What Happens When You Make An Insurance Claim?
If you've never filed a loss claim before, you might feel nervous and confused about the whole proce - Pet Health Care Insurance: Show your Pets That you Care!
Having a pet in one's household is a joyful experience. It can provide you with entertainment, compa - Three Ways to Buy Long Term Care Without Paying Premiums Out of your Pocket
Stop 100 people over 65 on the street and ask them if they will ever need to go to a nursing home an - Protect That Bauble: Engagement Ring Insurance
Engagement ring insurance can protect your bauble in case a worst case scenario happens...So you've - Do I Need Diamond Ring Insurance
If you have to ask whether or not you need diamond ring insurance you probably do. There's somethin - Choosing a Benefits TPA
The use of third-party administrators (TPAs) is one of the hottest trends in insurance today. Accor