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Do I Really Need Disability insurance ?
Today, there will be millions of people that will be in need of disability insurance but few will have it. Some of the statistics shows that 1 out of every 8 pepole is getting disabled.
A further look at disability statistics reveals the following:
- A 30-year-old man has a one in five chance of suffering a long-term disability before his planned retirement.
- A 30-year-old woman has a one in three chance of suffering a long-term disability before her planned retirement.
- Roughly 50 percent of people who suffer disabilities lasting longer than six months remain disabled after five years.
- Heart disease and back problems are the two most common causes of disability.
- More people lose their homes through disability than through fire or death.
- One in seven employees will be disabled for five years or more before retirement.
What would happen if you suffered an injury or illness and couldn't work for days, months, or even years? If you're single, you may have no other means of support. If you're married, you may be able to rely on your spouse for income, but you probably also have many financial obligations, such as supporting your children and paying your mortgage. Could your spouse really support you and your family? In addition, remember that you don't have to be working in a hazardous occupation to need disability insurance; accidents happen not only on the job but also at home, and illness can strike anyone. For these reasons, everyone who works and earns a living should consider purchasing disability insurance.
Disclaimer: The above provided information is for general guidance only. It is not intended as, nor should it be taken to be, legal, financial or other professional advice for your situation.
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