Never has there been more unanimity from financial experts, educators, media on a financial strategy than the advice to insure one's most valuable asset, one's future income, with disability insurance.
A look at the statistics tells you why. Most people don't know the actual data of the likelihood of disability or the devastation that a loss of income can cause. Without getting pessimistic one can still take a rational look at one's own life and see what would happen if income stopped for a long period of time or worse, for the rest of one's life.
A study was done where people were asked what the chances were of becoming disabled before they retired. The survey showed that the average estimate was a 16% chance. The actual statistics are that men have a 43% chance of a long term disability and women a 54% chance. Also, since most people, especially families get life insurance, to compare the statistics for death and disability, for example, it is four times more likely at age 42 that a person would have a long term disability than die before age 65.
So what is the solution? Take the time to investigate, learn about and then obtain a disability insurance policy. This is not quite as easy a process as getting other kinds of insurance. Why is it not simple?
First of all there is a great difference among the disability insurance programs available. Contract provisions differ among companies. The biggest difference is how each one defines disability. The wording you should look for in a disability insurance contract is one that defines disability as the inability to perform the duties of one's own occupation.
Also, look for a policy that has a generous recovery and residual benefit. This covers the important area of what happens when or if one returns to work after disability and the likely continuing partial loss of income for some time when one rebuilds one's business. How this is treated is different from company to company.
So, how do you investigate? With the internet, there is now abundant material available. At one site, Protectyourincome.com, you can watch educational videos on disability insurance, read more on the different details and obtain quotes from the leading disability insurance companies.
Listed below are more articles related to the above article from the "Insurance" article category.
People interested in the above article "Disability Insurance - Statistics about Insuring Your Most Valuable Asset" are also interested in the related articles listed below:
Accidents at work cannot be avoided no matter how much effort is made to avoid them. Companies that take the proper safety precautions to protect workers reduce the risk of potential problems. When accidents happen, accident claims can be submitted by workers looking for a way to get compensation for an injury. This article will discuss the potential accidents that may happen at work and how companies should properly prepare.
Payment Protection Insurance, commonly abbreviated as PPI, is an insurance coverage package, meant to cover outstanding loans, overdrafts and other forms of debt. This insurance cover is usually an add-on product that is included in the final computation of overdrafts and loans. The primary purpose of this product is to protect the borrower, from circumstances that are beyond their control, which may prevent them from servicing their debt. Such circumstances include loss of employment, ailments, accidents, or death.
Personal injury claims are usually made by people that have been injured in an accident. Accidents can happen in many places but the common one that people suffer from are usually at work or when driving. Potential problems are always waiting to happen, especially when we drive. There are a number of possible crash situations that we should always be aware of. This article will discuss the different causes of road accidents.
Insurance is a threat management technique. Auto insurance also called as vehicle insurance. The main purpose is to protect against financial protection against physical damage or bodily injuries which results from collisions. A personal accident insurance policy is an insurance contract that covers risk arising from accidents, be it at home, or outside. By investing in Accident Insurance, you can protect your family and yourself from the financial concerns such as loss of income and medical expenses that unforeseen accidents lead to. It is contracts that arise from accidents at home or at road. When investing in this plan anyone can protect his or family from the losses or medical expenses.
Landlords have to cope with a lot more than other property owners. Since they are responsible for the upkeep of their property, they share the fears of something going wrong that their own tenants do. But a specially designed insurance policy provides better cover. This article looks at the let property insurance policy and how it offers landlords the protection that they need.
The bereavement of one of the main participants in a wedding can cause a serious problem and even enforced cancellation. However unthinkable this may seem, you would be well advised to take out some form of wedding insurance to cover this eventuality.
Wedding insurance can protect you financially in case your wedding photos cannot be printed. Wedding photos are perhaps the most important memory you will have from your wedding day, so it is essential that your wedding photographs are protected by wedding insurance. Your wedding photographer may not be able to print your wedding photographs if the film, negatives or digital media used becomes damaged or lost. Whilst any reputable photographer should make back up copies of the photographs he or she takes at your wedding, you may find that you're unlucky enough to lose your precious wedding photographs.
