Do You Need Disability Insurance?

The Answer is YES! Here’s the good news and the bad news about disability insurance.

The Bad News:

  • Disability insurance is one of the most overlooked insurance coverages in America. We all think we’re invincible, and that will never happen to us. But let’s get real, people go blind, deaf, get paralyzed, or contract certain diseases every day that disable them from doing the job that they are equipped to do.
  • We have a lot of pride on our hearts. Pride might prevent you from buying disability insurance. You need to be realistic with yourself, especially if your job is a little more risky than others.
  • Disability insurance is mostly rated on what type of job you have. If you are a window washer for skyscraper buildings or a tree cutter that scales large trees to trim tree branches, then you’re probably not going to find a company on the planet that will give you disability insurance. If they did, it would be way too expensive to pay for.

The Good News:

  • Disability insurance is VERY cheap to buy, and remember that it is cheaper for someone who sits at a desk all day rather than someone who works with heavy machinery.
  • If you have a group health insurance plan, most likely your company is paying for your disability insurance, because group disability insurance is EXTREMELY cheap. If they aren’t buying it for you, then pay for it on your own through the group plan. It’s something like $2 a month if you work in an office.
  • Disability insurance will pay you about 60% to 70% of your income to you if you are disable to the point that you cannot perform the job that you once did before being disabled. This could LITERALLY save your family and your financial future. Still think you should overlook disability insurance?