Disability Income Insurance
Disability Income Insurance (DI) pays benefits if you become too sick or hurt to work.
If you are like most people, you have insurance on your house, your car and other items of value. But, do you have insurance in case you are not able to work due to short or long term disability? How will you generate income if you have unexpected disability?
Many people think that it is very expensive to protect their income. However, it will probably cost you less than an average glass of coffee a day.
On average, people spend about $80.00 per month on coffee1, and with $56 a month, they can protect their income from an unexpected disability.
Anyone who depends on their income to pay the bills or maintain their lifestyle should consider disability income insurance protection. DI insurance policy pays monthly “paycheck” to help pay everyday living expenses such as:
- Student loans
- Medical bills (which typically increase as one becomes disabled)
- Basically you choose how to spend your money.
What’s more costly?
|Buying a DI policy and being protected against the unexpected.||Or||Becoming too sick or hurt and no longer having an income.|
10 Common Reasons People Give In Order Not To Buy DI Insurance
What do facts say?
|10||People usually say Social Security will take care of me.
|9||I expect to stay healthy – nothing will happen to me.
|8||It costs too much.
|7||My financial needs change so fast. No policy will keep up with me.
|6||I want to get a policy that keeps pace with my income; however, without medical underwriting.
|5||I already have coverage through my employer.
|4||I do not plan to be totally disabled.
|3||My family and friends will help me when needed.
|2||I can always buy coverage later.
|1||I can rely on my savings.
1Accounting Principals Workonomix Survey, January 2012.
2Social Security Administration, January 2013.
3Social Security Administration, Fact Sheet, February 2013.