Disability Insurance

Disability insurance is a luxury.

Your most important asset is your earning power, your income. We insure our lives, our autos, our homes, and our collectibles; how can we not protect our most important asset? The risk exacerbates if the person has a family because others count on the breadwinner. You statistically have a much higher probability of being disabled than you have of dieing early.

I have workers compensation insurance, why do I need disability insurance?

Workers compensation insurance only provides benefits if you are injured on the job. Statistically, most injuries occur away from work; additionally, disability insurance covers non accidental health disabilities like a stroke or heart condition.

I can’t afford disability insurance now; I’ll get it later.

Disability insurance premiums are priced at your age, work risk and health. Once purchased, premiums are fixed and cannot be altered regardless of age increases or work risk changes. A class 5 accountant or physician (lowest risk) could change work 10 years later to be a sky diver instructor (uninsured category) and the policy would still have to pay a claim and the premiums would not change. Additionally, disability insurance is underwritten when issued and a change in health later might preclude you from getting approved.