Why Is Disability Insurance Important
Did you know that nearly 50% of all individuals age 35 or younger will be disabled for 90 days or longer prior to age 65?*And about 1 in 7 can expect to become disabled for five years or more?I know it’s really easy to think you will never become too sick or injured to do your work and make money. But the reality is, people do get too sick or injured to work, and without an income, it’s very difficult to pay for your current bills and save for your financial future. In fact, income is a major factor of wealth creation over time, and that is why protecting your ability to earn an income is so important as you progress on your financial journey. To help you understand the basics of disability insurance, watch this week’s Financially Wise video, where I explain how group disability insurance plans work. If you’re self-employed or own your own business, then make sure you tune in next week, as I will talk all about how to get individual disability insurance.Trust me: You’ll want to carve out seven minutes of your day to watch this video.*Source: 1985 Commissioners Individual Disability Table A, as reported in “Best’s Policy Reports,” February 1999.
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The opinions voiced in this material are for general information only and are not intended to provide specific advice or recommendations for any individual. To determine which investment(s) may be appropriate for you, consult your financial advisor prior to investing. There is no assurance that the techniques and strategies discussed are suitable for all investors or will yield positive outcomes.