So, you were taking out the garbage when your startled cat bolted out the door chasing what might have been a mouse, making you slip on the step, twisting your knee with a yelp. Now you are in bed for four months with your leg propped up on a pillow. Guess what, the bills keep coming in and your boss says you can’t collect because it didn’t happen at work. Now you are up the financial creek without a paddle.
Sound far-fetched? Not necessarily, it happens to millions of Americans who thought they were covered only to find out they weren’t. Better to plan ahead and expect the unexpected less an accident outside of work pulls the financial rug out from under your feet. Disability insurance covers you when the unexpected passes by your door and you find yourself unable to work for an extended period of time.
Is Disability insurance worth it? Ask Carl who had been working full-time as a manager at a grocery story until he tore his meniscus playing soccer with his ten and eleven-year old sons, and has been laid up for the past five months. Fortunately for him, he had already researched his company’s insurance coverage and had picked up extra Disability insurance the year before, just in case he was injured outside of work. Not only are his mortgage and bills being covered, but he has been able to get a lot done around the house without having the worry about where his next paycheck is coming from. Scheduled to return to work next month, he hasn’t missed a beat and his wife is as happy as a pig in the mud.
Why buy Disability insurance? AARP explains “We buy insurance to protect something. Homeowners insurance to protect our dwellings. Auto insurance to protect our cares. Disability insurance” protects us from when the “just in case” happens. While AARP focuses on persons 50-years-old and older, Disability insurance for persons in their prime working years, between 30 and 50 makes the ultimate sense. Why should you experience a serious financial setback right when you are in your prime working years?
New York Times Wealth columnist and author Paul Sullivan explains, “Death and disability are two of the most difficult things for a family to discuss. But insuring against both is an important part of safeguarding a family’s future.”
If you still aren’t convinced ask Carl’s second cousin Roger. He was hanging curtains for his wife when he stepped a bit too high on the step ladder and found himself face down on the floor. He broke two fingers on each h and in the process, and was laid off from his work as a machinist in a company that made parts for off-set presses, and couldn’t get back to work for close to a year. He lost his car and is at least four months behind on his credit cards. Back to work after 11 months, it is going to take him at least a couple of years to get back on his feet. Carl, on the other h and, had learned from his favorite uncle that “wise people learn from other people’s mistakes” and he took the cue from his unfortunate cousin, preparing himself for what might happen. Two years later, Carl and his family are planning two weeks in Cancun, while Roger is working double shifts to pay off his bills.
Disability insurance is a small investment that can provide stability and peace of mind. Preparing for the unexpected pays off in the long run!
Words from title: Disability Insurance