Every person in the United States that currrently does not have this benefit offered through their employer, should purchase it as soon as humanly possible. If you live on a two person income household and you depend on both incomes to get by, then what will happen if one of the incomes stops due to an illness or a sickness.
Or worse yet, if you are a one income household, and you get ill or develop some sickness what are you going to do?
How fast do you think you will deplete your savings? CD's, or any other savings type accounts that you may have?
How are you going to pay your mortgage, 1st or 2nd or both, car notes, car insurance, utilities, child care, food, gas, phone service, cell phone service, any subscriptions, in general your everyday life.
who are you going to turn to for help?Disability income insurance can help by paying you a
monthly benefit for as long as you’re disabled under the contract also known as the dissability insurance policy,
The Risk of Disability
According to The National Safety Council Injury Facts 2008 Edition, a disabling injury occurs every one second; a fatal injury occurs every four minutes.
Nobody wants to think about becoming disabled, but ignoring the risks could result in a catastrophe. Research conducted by the Health Insurance Association of America indicates that most Americans cannot afford to miss more than two months of work without having to borrow money. However, borrowing often isn't feasible because it can be tough to get approved for a loan without an income. Social Security will pay disability benefits, but only after a lengthy waiting period. You can tap your savings, but that will exhaust most workers' savings in about two months. Selling your assets is a last resort - but you may not get fair value for your assets and then you'll have nothing.
Disability Income Insurance Provides a Bridge
Disability income insurance provides a bridge over times of trouble. Disability income insurance can be designed to provide a significant portion of your regular monthly income (generally 60 percent) and benefits can be timed to begin according to need.
Disability income policies can also continue to pay benefits during rehabilitation, job re-training and part-time employment. A survivor benefit can pay a lump-sum benefit to your beneficiary if you die during a period of disability. Optional features (riders) can be added to most disability income policies at extra cost. Riders include a cost of living adjustment to compensate for inflation and a return of premium rider. The Return of Premium rider allows the consumer to specify that a portion of the premiums (sometimes up to 80 percent) will be paid back - less any claims paid - after the insurance has been in force for 10 years. Owners of small businesses who select disability income insurance can have business operating expense coverage that will help pay business costs including rent, utilities and interest on business loans.
Disability income insurance also provides some benefits that are intangible, but still very important. One of the most important reasons people purchase disability income insurance is that it helps give them peace of mind to know that bills will be paid in the event of a disabling illness or injury.
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