Five Reasons You Should Choose Disability Insurance
Choose disability insurance
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Nobody likes talking about insurance. It's certainly not as much fun as discussing Jung's Fundamentals of Theory And Practice, or Jennifer Aniston's failed relationships—whichever you prefer. Nevertheless, when times get rough and you're out of work because of an injury, then disability insurance is a very important matter. It could mean your livelihood, your savings account, and even your entire home. Consider at least five reasons why you should choose disability insurance.
1.You Can Save Your Financial Plans For The Future
If you choose disability insurance, then you don't have to give up your financial future. Living without disability insurance would see you withdrawing money from a checking or savings account just to pay for your monthly expenses. What about your retirement plans? What if you intended to pay for tuition or if you had a vacation planned next year? What if you were going to pay off your mortgage? Choose disability insurance and your long term financial goals can still be realized.
2.You Can Save Your House
Sadly, many people who don't choose disability insurance and bank on good luck regret it when they find out they can no longer pay for their house. According to a report compiled from insurance companies, more people lose their house every year from disability problems than from fire damage. Disability insurance allows you to keep your home even in the worst case scenario of missing months or years of work.
3.You Can Save Face
Asking for money is not a pleasant past time. Though family members are usually cooperative in lending you money, nobody likes the feeling of depending on someone else to make their payments. Choosing disability insurance can save you that empty feeling of owing money to kin, and can provide you with emergency income in the event of an injury or serious illness. The best part of it is, you don't truly owe the insurance company anything except your regular premiums.
4.You Can Save Time
Speaking of Social Security: while you can apply for Social Security benefits, keep in mind that the waiting process can be very long. 50% of all cases are denied and some processes have taken up to two years to complete before any payment was received. Social Security payments when they arrive, are also a fraction of your usual paycheck; disability insurance provides 45%-60% of your former monthly gross.
5.You Can Save Yourself And Your Family
Whether you are single or have a family, disability insurance can help you. Single people have the most loss to worry about in the event of a temporary or permanent disability, especially if they are self employed. While a married couple could fall back on the income of the working spouse, it's still harder to maintain the current standard of living with half of your income—especially if you have children. You can protect your family, your property and assets, your livelihood and your peace of mind when you choose disability insurance.
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