Disability insurance is one of those provisions that you just know you will never need, but you buy it any why. As I neared retirement I had to have surgery, and this surgery would not allow me to continue in the career job I had been into for over 35 years.
I had five years before retirement and still had a mortgage on my home for at least ten more years.
When I took out my mortgage 20 years ago, I had purchased a mortgage insurance policy for my house. This insurance is now paying my monthly mortgage payments. I never felt that me of all people need this kind of coverage. To tell you the truth it was a wise decision on my part. No one can foresee what is going to happen in the future.
Fortunately for me my employee disability insurance is paying me 60 percent of my baseline wages per month. Some policies may differ sightly, but this what my policy paid. This helped me a great deal when I added it to my wife’s income.
I applied for Social Security Disability and was awarded full retirement. Along with my mortgage insurance, my wife and I are going to be all right. I highly recommend disability insurance. You never know what the future holds, so it is best to be protected. You may be sorry if you do not take the proper steps to secure your future with disability insurance.