subject: How Life Expectancy Increases The Need For Disability Insurance [print this page] In the mid nineteen hundreds, the life expectancy of the average American barely reached past sixty years of age. As a result of medical advancements, and our expanded knowledge regarding nutrition and physical activity, our life expectancy has grown steadily over the years; today the average American can expect to live to the age of seventy-six, although many live well past this age. Life expectancy will continue to climb as the years pass and by 2050 it is reported that most of us can expect to live well into our eighties.
What does this mean for us on a realistic basis? The increase in life expectancy means that we will have to make provisions to care for ourselves much longer than we may have anticipated - financially, medically, and otherwise. This means, of course, that life insurance must be planned for longer periods, health insurance covered for longer periods, and disability insurance planned for longer coverage as well.
Disability insurance is one of those things that most of us do not consider until, of course, it is too late. Should we become injured or ill and are unable to work, disability income insurance pays the policyholder according to the terms of their policy. When you consider that statistically speaking, one out of every seven people will become disabled before the age of retirement, it becomes strikingly clear how important disability insurance is for our families.
We must plan for own protection based upon the information that is available to us.
Should we become disabled now - still a long way from retirement - we risk depleting our savings and even our retirement accounts to make ends meet. Where does this leave us after retirement with still a long life ahead of us? Disability insurance can protect our assets so that our retirement and savings are intact for the long, healthy life ahead of us.
by: Holly Mckenzie
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