Do I really need Disability Insurance?

Do I really need disability insurance?
Do I really need disability insurance?

A lot of people are hesitant to get disability insurance, because they’re not sure if they’ll ever come across to using the benefits of the coverage. To help better understand the importance of having disability insure, here’s a scenario to help you.

SCENARIO:

You’re on your way to work this morning and somebody runs a stop light and hits you broadside and you find yourself on the way to the hospital in an ambulance. After spending 8 to 10 hours in the emergency room you find out that you will be okay after a few months in a cast as you have a broken foot. To compound issues more you have a broken right collarbone and right ribs. Then for good measure we will add them a broken left thumb.

Now let’s assume you’re right-handed as most people are, and you must use your hands in the job that you do every day whether it be answering the phone, typing, writing etc. but now due to your injuries such as your broken collarbone you cannot lift your right arm to reach a keyboard or answer a phone. What’s even worse is your right foot is broken and due to your broken collarbone and broken ribs you cannot walk on crutches. The doctor has notified you that you must stay off your foot for a minimum of two months. The doctor also notifies you that your left thumb is shattered and you cannot pick up anything due to the pain.

Your employer tells you that they cannot keep your job open for two months and they must let you go and replace you. How would you pay your bills? Do you have at least six months income in the bank? Most people don’t and disabilities have caused more people to lose their homes than people dying in accidents.

The injuries mentioned above are mine but the incident was a motorcycle accident or somebody turned in front of me and I’m barely missed her car and rolled for five times across the road. The hard reality of the situation is that after I go through at least two months of being in a cast I will still have 2 to 4 months minimum of physical therapy.

Most people today work for somebody or have their own business and their paycheck requires them to show up every day. Hopefully you will never experience what I am going through now but as an insurance agent I feel it’s my duty to mention disability insurance to everyone I come in contact with. This could happen to anyone and if your finances are correct you could lose everything you worked so hard to hold onto.

Disability insurance will pay up to 60% of your income due to a disability, a partial disability, or loss of time due to an injury. Insurance premiums are much lower the younger and healthier you are so it’s important that you buy your disability insurance when you’re younger. There is usually a time frame before the payments will start coming in which is usually 30, 60 or 90 days from the date of injury.

I know most people never think that’ll ever happen to them I was one of those people. Are you involved in any type of sport such as football basketball volleyball softball weekends with your buddies? Do you write motorcycles for pleasure? Do you do your own yard work such as mowing the lawn, trimming the trees, hauling stuff to the dump? Do you drive to work or to school? Any of these type of activities can put you in the position where you would need disability insurance if injured.

So if any of this makes any sense to you or even gives you a little uncomfortable please give me a call or shoot me an e-mail and we can set up a time to discuss what you can do to protect your financial position today. In

 

Author: Larry

Larry Cossio has been insuring the entertainment industry for over 30 years.

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