It seems that there are insurance policies for practically everything nowadays, from covering your cell phone to your pet. Prioritizing your expenses is a necessity but deciding what comes first can be difficult. Disability insurance should absolutely be part of your insurance budget if you are a major income contributor in your household. It does not matter if you work in construction or sedentary office environment because regardless of profession at least 25% of people in the American workforce today will fall victim to an illness or injury that will prevent them from collecting a paycheck. Alarmingly, at least 100 million people in the career world today have no form of long term protection should they become disabled. How do you expect to provide for your family while you are not making money? How long will your savings last?
If you are anything like other U.S. citizens, the rainy day fund will not take you far. In fact, most people are barely making it from one paycheck to the next in this turbulent economy. A decent disability policy does not require putting aside tons of money, rather it could end up costing as little as $200 dollars a year. What you are paying for is the income protection a plan can provide, anywhere from 40 to 60 percent of what you were earning before you filed a disability claim. Increasing your deductible when buying a policy can greatly decrease the annual premium cost and undergoing a medical exam ahead of any injury will ensure your benefits begin sooner than later.
