Life insurance is essential to own to make sure your family can maintain their standard of living even if you have passed away.  Life insurance replaces income if the unexpected occurs and a provider dies.  But what happens if income is lost while you’re still alive?  If you become disabled and can no longer work, not only does income slow or stop altogether, but expenses may increase due to medical treatments and arising family needs during the recovery period.

What are the chances of becoming disabled?

The risk of having a disabling injury or illness during your working years may be greater than you think.  Here are some statistics to consider from the Council for Disability Awareness:

  • Just over 1 in 4 of today’s 20-year-olds will become disabled before they retire.
  • Over 37 million Americans are classified as disabled (about 12% of the population). More than 50% of these Americans are in their working years (aged 18-64).
  • The average healthy 35-year-old female has a 24% chance of becoming disabled for 3 months or longer during her working career; a 38% chance that the disability would last 5 years or longer.
  • The average disability for a healthy 35-year-old female lasts 82 months (over 6 ½ years).
  • The average healthy 35-year-old male has very similar statistics as his female counterpart with the only difference being a 21% chance instead of 24% in regards to being disables 3 months or longer.

In reference to the statistic examples above, it’s not a stretch to think that many 35-year-old persons have families.  If you suddenly became disabled, whether short or long-term, could your family maintain their standards of living?  What about the goals you’ve been working so hard toward?  Think about your current lifestyle needs and future goals.  When the paychecks stop… what gets sacrificed first?

Short-term needs:

  • Mortgage/rent
  • Utilities/phones
  • Home maintenance
  • Child-related expenses
  • Transportation
  • Loans/debt
  • Insurance premiums

Long-term needs:

  • College tuition
  • Weddings
  • Retirement
  • Travel/leisure

Your income is your most valuable asset.  It supports the lifestyle you and your family enjoy now and the financial goals you work hard to achieve.  Protect it.

Your income is your most valuable asset.  It supports the lifestyle you and your family enjoy now and the financial goals you work hard to achieve

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Advantages of disability income insurance:

  • While life insurance protects the family should you die, disability insurance protects the family should you lose the ability to work.
  • Disability insurance helps provide security. It pays a monthly income to help protect the family home, savings accounts, retirement funds and other assets should you become disabled.
  • Monthly benefits are received tax-free.
  • You own the policy and it will stay in place throughout your working years as long as the premiums are paid.

Here at Quotacy we discuss life insurance most often (let’s be real… it’s extremely important) but if you’re looking for disability insurance we can help with that too.


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Related Posts:

Disability Insurance: Why It’s Important and How It’s Underwritten

Financial Planning Considerations for All Types of Families

Types of Life Insurance Riders


About the writer

Headshot of Natasha Cornelius, a life insurance writer, for Quotacy, Inc.

Natasha Cornelius

Marketing Content and Social Media Manager

Natasha is a content manager and editor for Quotacy. She has worked in the life insurance industry since 2010, and making life insurance easier to understand with her writing since 2014. When not at work, you can find her throwing a tennis ball for her pit bull mix, Emmett, or curled up on her couch watching Netflix. If it’s football season, the Packers game will be on. Connect with her on LinkedIn.

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