Disability Insurance - A Very Important Insurance Policy

More than likely if you have life insurance and suddenly die, you can count on the debt you left behind being paid off. However, most people do not really think about how their family financial situation will be handled if they are simply injured and unable to work. Could your family continue to put food on the table, pay the rent, obtain medical care, and other necessities if you no longer had an income? You might think somehow that social security will cover it, or the government has some sort of disability program. The odds are however that you won't qualify.

Disability insurance is often over looked in the financial plan of many families. While there may be adequate coverage for their material possessions, such as car, home, and personal belongings, becoming disabled doesn't seem like a possibility.

The scariest part of becoming disabled and unable to work, is that it has a higher probability of occurring than dying. Yes we all die eventually but did you know there is a 30% chance that if you are above 30 years old you will be unable to work for a significant period of time between now and the time you are 60? This is a simple statistic that most people overlook but may have to face at some point in their life.

When you think of your monthly budget, seriously consider including the cost of disability insurance. It is not as expensive as you might think. Most insurances agents sell the more common types of insurance such as term life, liability and auto insurance. However, if you are looking for a smart business decision, this is one of them. Even if you never get injured, it is a good precautionary measure. However, if you do get hurt you will be able to stay afloat and not incur debt or have to dip into retirement savings. You will probably never regret having disability insurance. It is always a wise investment.

A lot of times what these insurance companies will do is make you wait a lengthy time before you ever receive your benefits. So while the benefit period may extend to a year, you have to wait 6 months before you ever get your first check. Generally, shorter waiting periods are more expensive and this may have to be determined by your wallet. However, it is something you should be aware of before picking a disability insurance provider.