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Is Disability Insurance More Important Than Life Insurance?
Posted in: Benefits on June 5th, 2013

Did you know that insurance claims studies reveal that you have a greater chance of being disabled for 90 days or longer than dying during your professional career? Yet despite these odds, most Americans insure their lives and other assets, but fail to protect their ability to make a living. To most people, death seems like the ultimate worst-case scenario – this is why so many Americans purchase life insurance without any hesitation. However, for a more holistic look at protection, Americans should also consider how the loss of earnings would affect them and their family as well.

Why You Should Consider Disability Insurance

Chances are that you already have life insurance and coverage for other assets such as your home and car. You’re probably wondering if it’s worth adding yet another insurance expense to your budget. But when you consider the benefits and the cost of living without an income, it’s definitely worth a second look. Reasons why you should consider disability insurance include:

· Statistics. According to research by the Social Security Administration, up to 30 percent of working Americans could become disabled at some point during their working lives. With nearly 1 in 3 workers potentially becoming disabled, the chances of this are much worse than the chances of death. Remember, disability doesn’t just mean a loss of income. It generally means medical expenses that accompany it as well. Having disability insurance can help you take advantage of all the disability benefits options available should a tragic event happen.
· Priorities. When you’re young and just beginning your career, it makes sense to focus on life coverage. However, as your assets and income grow alongside your career, the effects of a disability become much more debilitating. This is when you should truly consider disability insurance. If you have a family or a spouse, having disability insurance with quality disability benefits should be a priority at any age.
· Costs. Typically, life insurance is much more affordable than disability insurance, particularly for younger people. If budgeting is truly an issue for you and you must choose between one or the other, then consider various aspects such as the demands of your job. For instance, a labor-based job would call for disability insurance more than an office setting. Consider your entire situation before coming to a decision.

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