Disability

http://www.lifehappens.org/videos/disability-insurance-101

http://www.lifehappens.org/videos/a-career-lost-but-not-a-way-of-life

Disability Insurance, often called income protection, is a form of insurance that  insures the beneficiary's earned income against the risk that a disability would cause them not to be able to work. For example, the worker may suffer from an injury, illness or condition that causes physical impairment or incapacity to work.

95% of disabling injuries occurred off the job which means Worker’s Compensation does not cover them.

1 in 4 Americans in the workforce today will suffer a disabling injury before they retire.(what happens to your family?) www.StatisticBrain.com/corrective-lenses-statistics | American Heart Association | American Association for Critical Illness, September 2010 | National Safety Council, Injury Facts, 2010 Edition  | Council for Disability Awareness, Long-Term Disability Claims Review, 2012

The rule of thumb is that men spend 1-3% and women 2-4% to cover up to approximately 70% of their pretax income.

How much does it cost:

The cost depends on many factors. If you can go for months without receiving a paycheck your decisions will be different than if you can only go 2 weeks without a paycheck

• How long to you want to wait to receive benefits? Most plans offer a 14 day, 30 day, 60 day, or 90 day elimination period. The longer you are willing to wait to receive benefits the cheaper your premiums will be.
• How long will the benefits last? Most plans offer at least a 12 month and 24 month option. Keep in mind that if the disability is serious you must be disabled at least 24 months before you can get social security disability benefits