You’re probably prepared to die, but are you prepared to live? Financial experts agree that solid disability insurance can be even more important than life insurance to many families. In fact, at age 32, the chance of being disabled for 90 days is 6.5 times greater than the chance of death according to the National Association of Insurance Commissioners.
May is Disability Insurance Awareness Month and a perfect time to take a closer look at your disability risk. Here are five smart reasons to secure income protection today:
- Maintain Your Current Lifestyle. When you suffer a disability, your income goes down and your expenses go up. On average, a disabled person’s living expenses total more than $200,000 per year. The last thing you’ll need to be thinking about is downsizing to a smaller home or cutting back on activities that bring you joy. With a solid disability insurance policy, you’ll never have to face these types of decisions.
- Safeguard Your Future Lifestyle. When you become disabled, the first contribution you stop making is to your 401K. So, instead of retiring with the financial means needed to fully enjoy your golden years, you and your loved ones will be struggling to make ends meet. Why sacrifice your retirement dreams when protection is so affordable?
- Keep Your Kids on the Track to Success. Right behind the 401K, college savings plans deteriorate in the face of disability. With no safety net in place, your only concern will be financial survival. Protect your children and keep them on the debt-free college-track with solid disability protection.
- Protect Your Spouse. Your family depends on you as an important breadwinner. That doesn’t have to stop just because you’re taking time out to overcome an injury or illness. Keep the bread on the table and your family home to enjoy it!
- Recover Faster. Medical experts agree extreme stress can lead to slower recovery. It can also cause debilitating depression. Imagine yourself feeling weak from the effects of chemotherapy. Now imagine how much stronger and more confident you would feel knowing your bills are paid and your family’s life and dreams are intact—despite your inability to work. That feeling of security will go a long way toward helping you improve your physical and mental health. With stress out of the picture, you’ll be back to work or onto new and better things—fast!
Want to learn more? Contact your First Command Financial Advisor. First Command has options for every budget and for all types of clients including those with medical impairments or high risk occupations.
Daniel C. Steenerson, CLU, ChFC, RHU, is the president of Disability Insurance Services in San Diego, Calif. Disability Insurance Services is a business partner of First Command Financial Services Inc., and independent of First Command and its related entities.