In 2004, thereIn 2004, there were more than 32 million disabled adults, according to the U.S. Census Bureau. That’s about 10% of the U.S. population. Thus, you have a 1:3 chance of becoming unable to work due to a prolonged illness or injury. The financial impact for individuals who become disabled and do not have disability insurance can be devastating. Moreover, with the current economic conditions most of us don’t have enough savings and investments to rely on should we be unable to work as a result of an illness or injury. However, by obtaining private disability insurance you can reduce the financial impact by up to 80%. When combined with government disability insurance programs you can cover up to 95% of the expenses.
When you have insurance that pays most of the expenses you eliminate not only the financial burden, but also the emotional hardship which allows you to focus on your rehabilitation. Without private disability insurance you may need to sell your home, car and other assets. In fact, people that are suddenly faced with a disability and loss of income have lost their homes to foreclosure. When you think of all of the costs associated with not being able to work, acquiring disability insurance to protect your income seems to be a very prudent and inexpensive thing to do. When you sit down and think about your monetary resources, you have to consider what-if scenarios. Nobody likes to think about these types of things, but you have to understand that they don’t always happen to somebody else. When you plan for the worse-case scenario you are better off if something unexpected happens. If it doesn’t happen you are able to enjoy peace of mind knowing that if something did happen you were fully protected.