Disability Income Insurance – Is Your Financial Plan Complete?

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:

  1. Could your family continue at the same standard of living without your income?
  2. How long would your savings hold out?
  3. Could you afford to keep your home? If not where would you live?
  4. 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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