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Disability Insurance

Disability income insurance provides monthly payments, up to a specified amount and for a specific time period, after a covered illness or injury occurs. You must purchase the insurance prior to your illness or injury. It is a way to protect your standard of living in the event you become disabled. When you consider all the things that depend on your paycheck, you can see why your ability to work and earn an income is your most valuable asset. If you become disabled, the majority of your monthly expenses (mortgage, groceries, utilities) continue, yet your income stops. What would your options be?

  1. Savings If you save 10% of your income from 10 years, how long would that amount of money support you?
  2. Social Security Think again. According to the Social Security administration, 61% of claims are initially denied because applicants don't qualify. (Social Security Administration, Disability Determinations and Appeals, fiscal year 1993)
  3. Friends and Family How long could your friends and family help?
  4. Spouse's Income If you expect to rely on your spouse's income, you may be fooling yourself. One spouse's disability can devastate the other's earning power because of the increased responsibility and caring for the disabled partner.

Could disability happen to you? Disability is much more likely than death. And once you have been disabled 90 days, the length of a disability averages 2 1/2 years.