Title: Why You Need Disability Insurance | Smart About Money
Headings: Why You Need Disability Insurance
Why You Need Disability Insurance
Content: Why You Need Disability Insurance | Smart About Money
Save for Later
Why You Need Disability Insurance
Disability insurance provides a source of income to people who are unable to work due to an accident or illness. Remember that your earning power is one of your greatest financial assets. ( Take SAM's free My Earning Plan course to learn more.) Without disability insurance protection, workers and their dependents are “living on the edge,” at risk of losing their homes and investments. If you need disability insurance, take a look at the details: The average disability claim lasts almost 13 months and mortgage foreclosures due to disability occur 16 times as often as they do for death. Yet, more than 40 percent of full-time workers do not have coverage in the event of a short- or long-term disability to protect against a loss of income. Research indicates that one-third of employed Americans will become disabled for at least 90 days at some point in their career. Yet, lack of disability insurance is a common financial error. Adequate disability policies generally need to be purchased individually from an insurance agent.