Do I Need Disability Insurance? | Coppell, Texas

If a disabling sickness or injury happened to you today, how would you pay your bills?

Would your savings cover your expenses for 60 to 90 days? That's assuming the disability is short-term. But what if it wasn’t?

Research conducted by the America’s Health Insurance Plan indicates that most Americans cannot afford to miss more than two months of work without having to borrow money.

However, it wouldn’t be feasible to get approved for a loan without an income. Think about how stressful it would be to cope with a disability. Having disability insurance would help relieve the added stress of losing your income.

 

If you would like more details on Texas Disability Insurance, call the Wilkerson Insurance agency, today at 214.501.9613

 

Paycheck Protection

Disability insurance helps replace a major portion of your income when you are sick or injured and unable to work.

Some people think of it as “paycheck protection.” Others view it as a way to protect their home since a mortgage payment is often a family’s most significant monthly expense.

Having disability insurance can provide a sense of security, knowing that if the unexpected should happen, you’ll still receive a monthly income.

If you think about it, everything you have today - your home, car, groceries, savings - basically your lifestyle, depends on your ability to earn an income.

Most people are quick to insure their possessions, such as their home and car. And they generally have life insurance that would provide for their family.

But the one thing that makes all this possible is – your income. It’s your most important asset. So, protecting it with disability insurance isn’t just a good decision – it’s essential.

 

Do I Need Disability Insurance?

No one wants to think about becoming disabled. But the risk is real. What are the odds? According to statistics from the National Association of Insurance Commissioners, Commissioner’s Individual Disability Table:

 

• An illness or accident will keep 1 in 5 workers out of work for at least a year before the age of 65.

• Your chance of missing at least 90 days of work due to a disability is just under 1 in 3.

• The risk of disability is greater than the risk of premature death.

 

When Should I Buy the Insurance?

The sooner you consider disability insurance protection, the better. Here’s why:

• Losing your income due to a disabling illness or injury could put the lifestyle you’ve worked hard to build at risk.

• A disabling illness or injury can happen at any age. Then it would be too late to purchase this valuable protection.

• Premiums are based in part on your age at the time of purchase. So, waiting will cost you more.

 

Article Credit http://www.mutualofomaha.com/disability-insurance/learn/

 

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