Why Disability Insurance?
Because Life Is A Gamble Without Income Protection
- What if your last payday was your last payday?
- What would the consequences be if you didn't receive another paycheck?
- How would you pay for your everyday expenses such as your mortgage, electricity, car, gas, food, and other insurance coverages (health, auto, home, life) without your next payday?
- Where would the money come from? Social Security? Savings? Retirement Plan? Charity? Credit Cards?
These simple questions make you think, don't they? If a sickness or accident happened and you couldn't work, just how long could you make ends meet without a regular paycheck coming in? A month, 6 months, or even years?
These are strong words, but unfortunately, they're very true. The following are actual words from a disability policy holder: "The doctors and nurses saved my wife's life physically, but the disability benefits saved us financially." This eloquently sums up the essence of disability income insurance - disability insurance benefits save people's lives financially.
Most Americans understand the need for life insurance, health insurance, car insurance, and even homeowners insurance, but don't stop and think about insuring their ability to work and pay for those expenses. It is vital that we recognize the need for insuring our income because the ability to earn an income is a our most valuable asset.
When you become too sick or hurt to work, your role shifts from being a producer of income to being a consumer and a dependent. The loss of income due to disability can be devastating to the family structure, both economically and emotionally. When a disability strikes, your income stream declines or stops altogether. Yet, normal expenses, such as mortgage payments, car payments, and utility bills continue. In addition, other expenses tend to increase - medical bills and additional transportation expenses.
--Disability Insurance Is "Bad Luck" Protection--
People don't usually think about what they would do if they became disabled. They might say, "It won't happen to me." But "bad luck" happens when least expected -- despite having that rabbit's foot in your pocket.
What does "bad luck" look like? Maybe it's a fall from a ladder while cleaning the gutters, bad footing on a winter's day, or maybe a simple cold turns into an illness... "Bad luck" is different for everyone and can strike at anytime in the most common ways. That's why it's important to have protection in the form of a disability policy. A monthly disability income benefit may not be a cure, but it can help keep money coming in so life can keep moving. Let a disability income policy be your good luck charm.
Ask most people why they work and the answers won't surprise you. "To pay the mortgage." "To help the kids through college." "To put food on the table and pay the bills." It's simple! We work to make our lives work.
But disability can be permanent unemployment: when no earned income is projected for the future. What would happen if you became too sick or too hurt to work? Imagine the bills, the loss of a home, of savings, of college funds, of prom gowns, and wedding dresses. No more trips to McDonald's after the little league games. The stress on a marriage and family is overwhelming. A lifestyle can be altered overnight.
Today, most people don't need to suffer because an illness or injury cuts off their paycheck. BUT, having that kind of security does require some advance planning! Doesn't it make sense to plan ahead now to insure your paycheck - the one thing that makes the fulfillment of all your present and future plans, hopes, wants, and desires possible? After all, you insure your life, your health, your home, your car. Doesn't it make sense to insure your income?
The good news is that you can take control of your personal financial situation - starting now.