Figuring out if you need to protect your paycheck—really, your ability to earn an income—with disability insurance is pretty easy. If you have a job and you rely on your paycheck to meet your monthly bills and financial obligations, you need it.
In essence, disability insurance is there if you suffer an injury or illness and can’t work for an extended period of time. It will replace a portion of your income until you’re able to return to work again.
But most people who are working don’t have this basic protection for the long term, and often it’s because they assume they don’t need it. Here are four common mistakes people make when it comes to understanding disability insurance and its importance in protecting your ability to earn an income.
Since when does paying for a cell phone, a vacation or going shopping trump taking care of your loved ones long term? Here are some astonishing facts we found in our new 2015 Insurance Barometer Study, plus an easy and affordable “fix” called life insurance.
Let’s be realistic. If you have an adequate investment and pension portfolio; if you have made provisions for your health care costs; if you have no one relying on you for financial support, maybe, just maybe you can afford to retire.
Did you know that a healthy 65-year-old man has a life expectancy of 87 and a woman, 89; and that 38% of the men and 50% of the women will live to age 90, according to recent research on longevity risks and retirement.
So, do you need life insurance? Let’s look at three reasons you might.