If you are working and you need your pay check to meet the bills then disability insurance can be very important. Your chance of becoming disabled prior to retirement far exceed the risk of premature death. Most families do not have enough savings to see them through an extended period with no pay coming in.
How important is having a paycheck? Try to imagine no paycheck. How much money would you need to pay your bills if you were disabled 30 months, the average time of a disability? So buy term and spend the difference on disability insurance. It’s paycheck protection you need.
Agent Owner, Gilmore Insurance Services, Marysville, Washington State
How important is disability insurance? It's going to depend on your situation. Since Disabiliyt Insurance is paycheck protection, the first thing you have to ask "is my paycheck worth protecting with disability insurance?" Maybe you have passive income or considerable savings that may reduce the the need for disability coverage? Maybe you are just shy of retirement?
I guess the importence of Disability Insurance to the individual is going to be in proportion to how long that person can go without a paycheck? Answering that question usually establishes your waiting period for most people for the policy they are considering.
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I guess the importence of Disability Insurance to the individual is going to be in proportion to how long that person can go without a paycheck? Answering that question usually establishes your waiting period for most people for the policy they are considering.