Agent Owner, Gilmore Insurance Services, Marysville, Washington State
Who should buy disability insurance? Honest answer? Anybody who needs to protect their income from any time loss from illness or injury. If a person has passive income that can support their lifestyle, the need for working income protection isn't that great. Most people however still work to provide for themselves and family.
Specialist, LTCi, DI, Annuities, Life, Designs In Life, LLC, Utah
Anyone that depends solely on their paycheck to get by needs to insure it against a disabling event that might require extended rehabilitation. An insurance company will not underwrite someone that has a large amount of passive or unearned income. They will also not insure someone that does not medically qualify. Finally, an insurance will not replace 100% of one's lost income because a) the insured would then have no incentive to return to meaningful employment, and 2) the maximum monthly income replacement is around 2/3 of lost income and it is income tax free (if the insured pays out of pocket).
Permanent total disability can be a living death. Not having the ability to bring in any income at all is one of the worst things that can happen to a person, especially to us ego-driven males. Total disability was (prior to 2009) the single most likely reason for losing one's home. In short, the consequences of a disability can be worse than death. There are various statistics that show how often disabling events occurs, but who cares about statistics? If it happens to you, statistics don't pay the bills.
One should buy DI early in their working life. That's when it is inexpensive and the premium can be guaranteed not to go up (unless additional coverage is purchased later). Group DI is not portable. Own your own coverage. If you don't have it yet. get it.
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Permanent total disability can be a living death. Not having the ability to bring in any income at all is one of the worst things that can happen to a person, especially to us ego-driven males. Total disability was (prior to 2009) the single most likely reason for losing one's home. In short, the consequences of a disability can be worse than death. There are various statistics that show how often disabling events occurs, but who cares about statistics? If it happens to you, statistics don't pay the bills.
One should buy DI early in their working life. That's when it is inexpensive and the premium can be guaranteed not to go up (unless additional coverage is purchased later). Group DI is not portable. Own your own coverage. If you don't have it yet. get it.