It will never happen to me!
My job doesn’t take any physical effort; I don’t need protection.
What would happen if you couldn’t work for a month or three months and there was no income? I suppose you are resting easy because you saved at least three months of basic expenses!
Simply put, if you have a job, you most likely need disability insurance. The possibility of a disabling illness or injury may seem remote, but statistics say otherwise.
You actually have a three in ten chance of suffering a disability that keeps you out of work for 90 days or longer at some point during your working career. Keep in mind that 90% of disabilities are caused by illnesses, not accidents.
You also have to think long-term. How much do you earn in a year, and what would that be over a lifetime? A 25-year-old worker who makes $50,000 a year and suffers a permanent disability could lose $3.8 million in future earnings.
Where will the money come from?
Employer Sponsored Coverage
Individual Disability policy
Each option above has qualifications and pros and cons.
What is your plan if you get injured?