What is disability insurance? Disability insurance helps replace a major portion of your income when you are sick or injured and unable to work. Some people think of it as “paycheck protection.” Others view it as a way to protect their home since a mortgage payment is often a family’s most significant monthly expense. Having disability insurance can provide a sense of security, knowing that if the unexpected should happen, you’ll still receive a monthly income.
If you think about it, everything you have today – your home, car, groceries, savings – basically your lifestyle, depends on your ability to earn an income. Most people are quick to insure their possessions, such as their home and car. And they generally have life insurance that would provide for their family. But the one thing that makes all this possible is – your income. It’s your most important asset. So, protecting it with disability insurance isn’t just a good decision – it’s essential.
When you purchase disability insurance, you are protecting your most valuable asset, your income. Your ability to earn an income supports the lifestyle you enjoy and helps you pursue future goals and dreams. So, it’s important to carefully consider what your situation would be if you suddenly lost your income due to a disabling accident or sickness. Would you be able to maintain your current standard of living? For how long? A simple way to consider this is to add up your monthly expenses and compare the amount to the total income you could expect from other sources.