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For most people, their largest asset is not a home, good health or a retirement plan. If they are still working, their largest asset is their ability to produce an income. Insurance is intended to protect a person's valuables. It makes sense that a person would want to protect their most valuable asset with disability insurance. |
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Protecting Yourself Against Financial Risk |
Individuals face risks to their ability to produce an income everyday.
Whether it be driving to work, shoveling a driveway or during a ski
vacation, injuries pose a serious threat to an individual's capacity to
continue work.
While many people have money saved, it is highly unlikely those funds
replace their earnings. It is common for someone facing a disability to
turn to their personal savings and quickly deplete their resources.
Disability insurance helps protect against that sort of financial risk
by providing benefits at a level proportionate to their pre-disability
earnings. The way benefits are paid, the amount and frequency are all
determined by the policy contract. |
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More Common Than you Think |
Industry experts say that disability insurance is the most overlooked of
all personal insurance products. People are willing to insure their
cars, their homes, their lives, but have a tougher time agreeing to
insure their income. Yet, most young workers run a greater risk of being
disabled for 90 days or more than they do of dying, according to data
from the Society of Actuaries.
A lengthy disability can be devastating, and is more common than one
might think. According to the Commissioner's Disability Table, one man
in three aged 45 years has a 44% chance of suffering a disability that
lasts at least 90 days before he reaches age 65. |
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To prevent inadequate coverage or evaluate whether additional protection
is needed, individuals should carefully evaluate their monthly financial
obligations. Bills such as mortgage or rent, food, clothing, loans,
utilities, and auto expenses will still need to be paid, even if a
disability makes it impossible to work.
To get an idea of the amount of disability insurance protection you may
need, try our Disability Insurance Needs Calculator. Then, try our Is
There A Gap In Your Plan? Calculator to determine the odds of your
becoming disabled.
Obviously, a disability cannot be predicted, but the financial impact of
a disability could have far-reaching effects.
For information about Disability Insurance, visit the
Disability Insurance product section of the site. |
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To learn more, contact
one of our Financial Representatives |
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