 If
you became disabled today would your income be sufficient
to maintain your current standard of living? Disability
income insurance is designed to provide for the basic necessities
of daily living by replacing a percentage of your income
in the event that you sustain a disabling accident or illness.
However, over 70% of the working population does not have
adequate long term disability insurance.
While most everyone insures their homes, cars, boats
and even their lives, many fail to plan for a disabling
accident or illness.
Probability of commonly insured
events occurring during the course of one year:
Probability
of Risks
|
Covered
by Insurance |
1 out
of 5
|
That your auto will be damaged
in an accident |
1 out
of 21
|
That you will have a disabling
accident or illness |
1 out
of 96
|
That you will have a fire
in your home |
1 out
of 114
|
That you will die |
Source: Field Guide 2001, National Safety
Council, World Almanac
Ironically, the chance of disability
is significantly higher for most ages than the likelihood
of death. The statistics below tell the story.
Odds of a disability versus death
before age 65
Age
|
Number
of disabilities per 1000 lives*
|
Number
of deaths per 1000 lives*
|
Disability
vs
Death Ratio
|
27
|
5.17
|
1.46
|
3.54
to 1
|
32
|
5.36
|
1.64
|
3.27
to 1
|
37
|
7.45
|
2.14
|
3.48
to 1
|
42
|
10.22
|
3.22
|
3.17
to 1
|
47
|
13.93
|
4.68
|
2.98
to 1
|
52
|
17.52
|
6.82
|
2.57
to 1
|
57
|
23.02
|
10.23
|
2.25
to 1
|
*1985 Commissioner’s Individual
Disability Table B, 1980 CSO
Have you failed to insure
your most valuable asset? Ask yourself the questions
below:
- Could your family continue at the same standard
of living without your income?
- How long would your savings hold out?
- Could you afford to keep your home? If not where
would you live?
- What about college for your children?
Adequate disability income insurance is a critical component
of any sound financial plan. No matter what your occupation,
a disability can have a substantial impact on your ability
earn an income. Please do not overlook the importance
of this valuable protection.
Call MEG Financial today at (877)
583-3955 with questions
about disability income insurance or for a no obligation
quote. You may also complete this simple disability
income insurance request form and a licensed insurance
professional will contact you to review options.
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Insurance Articles:
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