If you are like most people on this planet, you are not financially free. You would not be able to stop working and still support yourself and your family from your financial resources. Your ability to work for a salary or wages would therefore be one of your greatest assets. Have you insured this asset? If disability suddenly stops you from being able to work, how would you earn an income? How long would you survive without a paycheck? If the situation described above is a cause for concern, you need disability income insurance. You can become disabled either from an accident or for medical reasons. One life insurance company defines disability as "the inability of the life assured to perform any part of any occupation in which he was engaged …show more content…
Here are a few facts on disability: - - Each year, 1 person in 8 will suffer disability (Source: National Association of Insurance Commissioners) - 1/3 of all people between the ages of 30 and 64 will become disabled sometime in their lives (Source: Health Insurance Association of America) - At age 32, the chance of being disabled for 90 days is 6.5 times greater than the chance of death (Source: National Association of Insurance Commissioners) - 75% of disabilities are caused by an illness rather than an accident (Source: Commissioner's disability Table) - Workers today are 3 times more likely to suffer a long-term disability than die during their working years (Source: The Council of Disability Insurers, The Long Term Disability Claims Review: 2005) - The likelihood of being disabled for more than 3 months is greater than dying in any given year (Source: Society of Actuaries) As you can see, the risk of disability due to illness or injury is great. The cost of not being prepared is severe. Why take the chance? Even substantial savings can run out quickly if it is your only source of financial