Disability Insurance is one of the most important coverages you can have, yet many people say “I just can’t afford it.”  The truth is, most people can’t afford to be without it if something happened that prevented them from working for over a couple of weeks.  You may have sick days or vacation time that could ensure you receive income for that long, but if you had to be off work due to sickness or non-work related injury (such as an auto accident, or recovery from major surgery), how would you pay your bills?  Even seemingly minor ailments such as broken bones and nagging medical conditions can lead to temporary or permanent disability.  Any type of disability can have a disastrous effect on your earnings, savings and lifestyle.

Disability Insurance is really “Income or Paycheck insurance” — guaranteeing you continue to receive income during the time you can’t work.  The maximum amount you can purchase  is two-thirds of your annual income, but you may choose a lower amount than that.  You can also adjust your cost for this critical coverage by choosing different waiting periods — the amount of time you must wait before collecting benefits.  The longer the waiting period, the lower your monthly premium will be for the dollar amount you choose.

Who needs it?  Anyone who depends on their income to make ends meet.   Other than your medical insurance, Disability Insurance is the most important coverage you should have!