subject: Is Disability Insurance Worth The Cost? [print this page] Is Disability Insurance Worth The Cost?
Insurance is a very important part of nearly every aspect of our lives. It reaches into every corner of our daily world. It's the cost of our freedom, in a very real sense. It gives us the freedom to make mistakes and the ability to recover from those mistakes.
There are lots of different insurances that we have to have.
If you want to drive a car here in America, the government requires that you have automobile insurance, at least liability insurance.
If you want to purchase a house and need to get a mortgage loan from the bank, they will require you to purchase homeowners insurance because the house is the collateral for the loan and if anything happens to the house, the bank is out of luck - so they require insurance.
If you want to make sure that you and your family have adequate medical coverage in the future then you need to purchase health insurance if your job doesn't provide it for you already.
Finally, if something unexpected happens to you and you die prematurely, life-insurance makes sure that your family is well provided for financially so that they don't experience a drop in their standard of living.
When people think about the different types of insurance that's available to them, they often only think about those four main types of insurance, but there's another one that's even more important and that is disability insurance.
Basically disability insurance is the exact same thing as a life insurance. The main difference is that life insurance pays out if you die whereas disability insurance pays out if you get hurt and are no longer able to perform your job.
Many people buy life insurance, but the chances are much higher that you'll be hurt in a way that keeps you from performing your job in the future. Just think about it, what do you think is more likely to happen; you get hit by a train or you break your leg? Of course the chances are much higher that you're just going to break your leg but most people aren't covered for such occurrences.
In some cases, a bad broken leg can keep you out of work for 6 months. Can you afford to pay your bills without 6 months of income?
Disability insurance may be expensive and you may actually never use it but if you don't have it and you need it, both you and your family will wish you had it.
In the end, it's much wiser to bite the bullet and spend the money to make sure that your family is covered, especially if you have any sort of manual labor type of job. Sometimes the company you work for will offer disability insurance, but it's up to you to find out and if they don't then it's up to you to purchase it yourself. Talk to your local insurance agent right away, don't put it off another minute.
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