Disability Insurance is considered an underrated insurance. This is due to the fact that it’s so essential in today’s modern world, yet so many do not invest in it. People talk themselves out of something that could significantly help them when they are at their most financially vulnerable.
Our advisors have compiled the top 3 excuses that they hear the most from people when they decide not to get Disability Insurance. We also discuss why these excuses are not reasonable.
EXCUSE #1: “I’m pretty sure I already have Disability Insurance through my job.”
DISCUSSION: It may be true that you already have Disability Insurance through your job. Keep in mind that it’s not something you automatically get because you work there. In addition, some jobs don’t offer it. In order to get it through your job, it has to be something they offer you. You have to pick a variety of options that go with your policy, possibly talk with an agent, and sign papers. If you didn’t do that, you probably don’t have Disability Insurance. In this case, find yourself an Disability Insurance advisor that can customize and fully explain your insurance policy to you.
EXCUSE #2: “I don’t think I am ever going to be disabled.”
DISCUSSION: What many don’t know is that you don’t have to be disabled to be covered with this kind of insurance. You can break a leg or get sick somehow. If your injury or illness doesn’t allow you to work, then you are considered disabled and will be covered for the duration that you policy states. It is extremely important to read your policy entirely and understand keywords such as “disabled”.
Knowing this, just because you don’t have a dangerous, doesn’t mean you can’t get hurt while you are working, and just because you don’t have a risky lifestyle don’t mean you can’t get hurt. In addition, it is usually illnesses versus accidents that keep people out of work.
Anyone can get hurt or sick, on or off the job.
EXCUSE #3: “If I can’t work, then I will just dip into my savings and I’ll be fine.”
If you can’t work due to being injured or sick, you definitely can dip into your savings, but how long is that going to last you? You would be paying all of your bills: utilities, groceries, car payment, mortgage, childcare, medical bills, etc. from your savings. Most people don’t have enough in their savings to pay for everything for more than 2 months.
When someone isn’t injured or sick, they often underestimate how much they will need when they aren’t working and how physically vulnerable they may be.
Keep in mind that a sickness or injury can last months or years. Can your savings provide for this long? Probably not.
The Key Point
These are the top 3 excuses our advisors hear when people shrug off Disability Insurance and decide not to get it. None of these excuses will protect and secure your financial future when you are physically vulnerable and trying to restore your health.
Invest in Disability Insurance
Our recommendation is to sit down and discuss the ins and outs of Disability Insurance with an advisor. They will answer all of your questions and help you build a policy that will suit your budget and lifestyle. Keep in mind that discussing your options doesn’t not bind you to that advisor.
Our Disability Insurance advisors specialize in this field and can assist you. To get started, please call (800) 788-8921 or to be contacted fill out our brief Contact Form. We look forward to hearing from you.