Disability Insurance: Do you need it?

Disability insurance may be the least understood and lease owned insurance, especially when compared to its common counterpart--life insurance.

Few people think about disability insurance, even though a person is about 3 times more likely to become disabled than to die (this depends on age and occupation).  Only a very small percentage of people have in individual disability policy, even though only about 40% of Americans have disability insurance at work. 

While few people have disability insurance, disability claims continue to rise.  Many people believe that Social Security disability insurance will cover them, but do not realize how long the waiting period is and how many people are rejected. 

Increasing disability claims are related to a number of factors.  Medical technology saves people who might have died in the past, but instead they live with a disability.  Cancer rates are up.  Obesity rates are up.  In addition, the number of disabilities classified as diseases or syndromes is on the rise.

While disability insurance may not be cheap, it may be necessary.  Some financial advisors believe that disability insurance is a key part of a personal financial plan, yet few people have a policy. 

Contact me, and I can give you more information about disability policies, how they work and the options available.