Why Do I Need Disability Insurance?
A part of every sound financial plan is being prepared for the “what ifs” in life. What if I want to send my kids to college? What if the markets tank? Or soar? What if I want to travel? Or retire early?
Or what if I get sick or injured and cannot work? Here is where disability insurance becomes your front-line defense.
Disability insurance is one way to replace income in case of an injury or illness.
It’s pretty straightforward. Everything you plan to do—pay your bills, your mortgage, save for retirement, for your children’s college, for that special trip, everything—is predicated on your ability to earn income. Unless you inherited a lot of money, your earning potential is probably the single biggest asset you own. If you cannot work, there is no more income. During your working years, disability insurance simply allows you to shift the risk of loss of income to an insurance company.
Or what if I get sick or injured and cannot work? Here is where disability insurance becomes your front-line defense.
Disability insurance is one way to replace income in case of an injury or illness.
It’s pretty straightforward. Everything you plan to do—pay your bills, your mortgage, save for retirement, for your children’s college, for that special trip, everything—is predicated on your ability to earn income. Unless you inherited a lot of money, your earning potential is probably the single biggest asset you own. If you cannot work, there is no more income. During your working years, disability insurance simply allows you to shift the risk of loss of income to an insurance company.
