Your ability to earn an income is your No. 1 asset. So why are you more likely to insure other less valuable assets, like your car and home, than your income? It's easy to underestimate the chances of becoming disabled. Most people believe it could never happen to them. They are surprised to learn that the chances of becoming disabled for more than 90 days are 1 in 4. Being disabled usually means losing your income, because you're no longer able to work. But that's where disability income insurance can help.
In its simplest form, a disability is the inability to perform your job due to a sickness or injury. Some disabilities, like a normal pregnancy or a sprained ankle, are for such a short time period that it is more expensive to insure them than to lose the income. Other, longer-term disabilities, like a heart attack or becoming paralyzed, may keep you from working for months, years or even the rest of your life. A long-term disability can have a huge impact on your financial situation because your income would drop or disappear while your expenses continue or even increase. The risk of long-term disability is well worth insuring.
Why You Should Consider Your Own Coverage
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Angela O'Neill is licensed in New York, Florida, Georgia and Maryland.
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