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Disability Insurance
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48% of all home foreclosures are the result of disability, while only 3 percent occur as a result of death.
United States Housing and Home Finance Agency.
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If you become disabled, you can lose your ability to earn income. In the meantime, your normal living expenses continue and probably increase. You may need assistance to perform daily functions and/or incur higher medical expenses. Disability Income Insurance is designed to help you maintain your standard of living when you are unable to work due to a disability.
Disability insurance partially replaces income lost due to injury or illness. 62% of disabilities occur off the job. They are not covered by workers' compensation insurance. Social Security responds to severe disabilities only that last a year or longer or that will result in death.
Life Insurance Selling reports that an employee in his 30's is more than three times as likely to become disabled as they are likely to die before age 65.
The National Safety Council says that 1,027 people suffer a disabling injury due to an accident every hour.
Disability provides income replacement to normal retirement age. The total amount of disability benefit is dependent on the insured's earnings, the plan's waiting period, the maximum benefit period and the definition of disability. Disability insurance is the most overlooked.
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