Why Is Disability Insurance Important

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Disability Insurance: Why you need it
We have been hearing about insurance quite frequently in the national media. The amount of time our leaders, media, and the general public devote to this subject underlines its importance. We buy insurance to protect our life and assets from risks of loss. Life, car, home, and jewelry insurance are popular, but many people are not aware or tend to ignore disability insurance. Regrettably, not many Americans have disability insurance that protects a vital asset – the ability to make a living.
We don’t expect something bad to happen; we can’t predict or stop it from happening. The best course of action is to be safe than sorry; minimize the effect of loss of income in our daily life.
Disability insurance …show more content…
A shocking statistic that has emerged from a recent study reveals that move than half of our citizens don’t have reserve funds to deal with medical emergencies and find it tough to cover medical bill over $400.
Even if you have some money stashed away for emergencies, just think of a scenario where you are out of work due to disability for 2 to 3 years. Would you be able to manage the daily expenses, utility bills, mortgage, etc? Can you maintain your current standard of living with the help of the emergency fund alone?
Statistics on this subject aren’t pretty, but they are true. You have 3 in 10 chance of missing work for 90 days or more at least once in your career. Don’t say that you have a desk job and that the chances of accidents are next to nil. Because, nearly 9 out of 10 times the disability might be due to illness and not just accidents. More than 25 percent of the workforce suffers long term disability longer than 90 days in their working career. More than half of all the foreclosures and 62 percent of bankruptcies in the United States are due to medical issues such as injury or illness. Another worrying statistic is that 69 percent of all the American workers are not covered by long term disability
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