Is Disability Insurance for you?
Most people forgo buying disability insurance in an attempt to save money. When not possessing adequate amounts of insurance, one can suffer serious consequences. Here are four reasons why a working age person must consider buying a disability insurance policy.
There are plenty of government programs that assist people in need. Unfortunately, these programs do not do enough to help an injured person. In fact, when using government help, most people will live at or near the poverty line. While there is no doubt that a person will not be destitute, he or she will certainly suffer financially. Remember, government programs help an individual stay afloat, but they do not do much more.
Almost thirty percent of people will suffer from a serious injury or sickness before reaching retirement age. When injured or sick, most cannot work as much as much as they did in the past. Sadly, many working age individuals think that they are invincible. Without a doubt, a person is vulnerable to both sicknesses and injuries. While statistically most will not suffer serious injury, thirty percent is still high.
Most people do not realize that disability insurance is inexpensive. While there are plenty of factors at play, most workers should have no problem making monthly payments. Often, to save money, an individual can buy a policy through his or her work. Other times, one must find a policy through an agent. Remember, monthly payments are affordable for even a worker does not make a lot of money. When looking at saving money, one should not be thrifty in this area.
Since the government does not provide everything, one must replace their income in another way. When buying a solid policy, one can collect monthly checks that come close to the amount they made it their job. Since most people need income, it should be common sense that most people need to protect their income. A person must realize that he or she is in charge of their future. Without the ability to replace income, most will be forced to work while injured or live a life of poverty.
Without a doubt, one must buy a disability insurance policy. When doing so, a working a person will make sure that he or she will not remain in a constant state of poverty should they become injured. Remember, while saving money is crucial, it is more important for one to invest in their future by possessing adequate amounts of insurance.