Know the Facts about DI

Posted by Bob Burton on Thu, Dec 27, 2007 @ 05:15 PM

You may have your reasons for not buying individual disability income (DI) insurance.

But do you know the facts?

Reason 1: I can always buy coverage later.
Fact: People usually don't get healthier as they grow older, and coverage will cost more.

Reason 2: My family and friends will help me.  Or I will use my savings.
Fact: Are your loved ones in a position to support you? Do you want them to? And, even with saving 10% of your salary, one year of disability could easily wipe out many years of savings.

Reason 3: I have disability coverage through my employer.
Fact: Group disability insurance typically covers 60% of gross income, and benefits are usually taxable. Can you afford more than a 40% pay cut?

Reason 4: It costs too much. I'll purchase it later.
Fact: The average annual cost is typically only 1% to 3% of what you earn. Plus, the longer you wait, the more likely the premiums will be more expensive.

Reason 5: It won't happen to me/I expect to stay healthy.
Fact: During the course of your career, you are 3 1/2 times more likely to be injured and need disability coverage than you are to die prematurely.¹

Ask me how I can help you protect your income!
Your ability to work and earn an income is your most valuable asset - make sure you have the income protection you need!