Probably one of the most overlooked types of insurance is disability insurance. It feels like every new client I do a money organizer plan for, is lacking in this area. And hey, I get it, most people don’t have enough disability insurance because they either believe they have all they need or all they can get from the government or their employer. The fact is, in most cases, they will likely only get 60% or less from social security or group LTD if disabled; and then never see a raise ever again. Like you would never miss that, right?
If you stop and think about it, what is your biggest asset? …. It’s you and your ability to earn. Most people agree they should insure their house for full replacement value if they lost it in a disaster, and of course a house is a pretty big asset. Consider this, what if you lost your ability to work- forever- would you miss that income? For many of us our future earnings is our biggest asset. That could add up to well over a million dollars for anyone with a college degree or in a business setting. Why wouldn’t you want to replace it too? I am sure your family would like you to replace as much income as possible.
Personal disability policies can be expensive if not purchased properly. So before you start to resolve this need, I recommend you read all the articles that start with the title “Disability Insurance Basics” on this page. As I said each article starts with this title and has a sub title on different things you should learn to build a foundation of understanding.
Start here. And if you want to ask some questions, click on the link above and schedule a Free 15 minute call with me. Whatever you do, don’t ignore this topic like so many others. It’s just not worth the risk.