As important as Disability Insurance is, many people have not taken the time to learn about it, let alone invest in it for their own financial protection. And truthfully, that’s okay, because everyone has the right to choose what they believe is best for them.
But, like everything in life, our choices have consequences. Let’s take a look at a brief scenario.
Emily the Nurse – 30 years old
Emily is 30 years old and works as a nurse at a local hospital. She chooses not to invest in Disability Insurance. Coming home from a party one night she got into a car accident that left her with two broken legs and a fractured collar bone. Her projected recovery time is 1 year. Right now, Emily is not in the position to work and earn an income.
With no Disability Insurance, and no income, she has to rely on her savings, which isn’t much. She still needs to pay rent, groceries, car payment, credit cards, and her utility bills. She also needs to find family members and friends who are willing to help her with chores and her tasks of daily living. She goes through her savings quickly. Now, not only is she recovering from her injuries, she has no money to rely on and her medical bills start to pile up. This causes Emily to become frantic and unsure of what to do.
She borrows money from family members, but even that isn’t enough. She is late on her rent by four months and will soon need to look for other places to live or someone to take her in.
Emily is now in a state of emergency and has no financial means to rely on. She starts to charge everything she can to her credit cards, which she will soon max out and may go into debt.
But, Can This Really Happen To Me?
This kind of situation is very typical of individuals who are ill or injured and do not have Disability Insurance. Immediately most people start to use up the money in their saving’s account(s). After it’s all gone, they go into a state of panic because they don’t have a plan.
Many become backed up on rent, and if they own a house, many lose their home. Others can not keep up with their car payments, and end up losing their car as well. Their bills start to pile up, making it hard to continue paying for anything. Relying on family and friends can only take them so far.
Some decide to take out a loan, but even that isn’t an option for some people.
Individuals in these types of situations have an extremely difficult time improving their finances and physically healing from their injuries/illness at the same time. This is a very common example in today’s world that occurs to people who do not have Disability Insurance.
Having Disability Insurance Is Having A Reliable Plan
Emily’s choice not to invest in Disability Insurance left her in a state of emergency.
This would not have been the case if she had this kind of insurance. Disability Insurance would have provided her money when she couldn’t work to continue paying for her daily bills AND rent.
This type of insurance sets a reliable plan in place when you can’t earn an income. It helps you to continue being financially stable and also gives you peace of mind that your finances are being taken care of while you aren’t working at your job. This allows you to focus on healing and being physically well to return to your place of employment and resume your career.
Insure Your Future
Disability Insurance will insure that your financial future is protected in a case that you are unable to work. Our Disability Insurance advisors can help you get started and answer all of your questions. Fill out our brief Contact Form or call us at (800) 788-8921. We look forward to hearing from you.