Do You Need Disability Income Insurance?
People ordinarily buy property and casualty insurance to protect their possessions and life insurance to provide income for their survivors. However, many people don’t think about protecting their income with disability insurance. How well could you live if you weren’t able to work? Disability is an unpredictable event, and if you become disabled, your ability to make a living could be restricted. Although you may have enough money in the bank to meet your short-term needs, what would happen if you were unable to work for months or even years?
Here are some important disability statistics to consider:
-The Social Security Administration estimates that a 20-year-old worker has a 3 in 10 chance of becoming disabled before reaching retirement age
-There is a 25 percent likelihood of incurring a disability by age 50, according to the 1985 Commissioner’s Individual Disability Table A (most recent data available)
As these statistics show, your chances of being disabled are great. Of course, statistics can be misleading—you might never become disabled.
Disability can be caused by illness as well as injury. How many people do you know who have suffered a heart attack or stroke? If you become ill, how would you support yourself or your family?
You might think that you are adequately insured against disability because you have coverage through your employer or through government programs such as Social Security. However, many employers do not offer disability benefits, and government programs may pay benefits only if you meet a strict definition of disability. In addition, these benefits may replace only a fraction of your pre-disability income.
This is an important piece of your overall financial plan. Make it a point to discuss and review your need for disability insurance with your insurance agent or financial advisor the next time you are meeting with them.
-Bill Dowell 
Vision Financial Group
4505 Pine Tree Circle, Birmingham, 35243
205-970-4909, www.vision-financialgroup.com
Bill Dowell is a Registered Representative of ProEquities, Inc., A Registered Broker-Dealer, Member FINRA & SIPC. Vision Financial Group, Inc. is independent of ProEquities, Inc. Prepared by Broadridge Investor Communication Solutions, Inc
