When taking an audit of your own life it’s important to identify what is the most valuable asset that you have, some may think it’s your house, car, jewelry, a rare collection of Hummel Figurines that your great-aunt left you when she passed (In my case it was my great-uncle, I have a couple of Hummels on my desk as a write this). But everyone seems to overlook the most important asset that a worker has:
Their ability to make money
You do not want to find yourself up the creek without a paddle if something were to happen to you! So with this being the case, it’s astonishing to hear how many people out there do not have a great idea of how Disability Insurance should be essential, and before I became aware of the reasons why it is necessary I was one of those people as well.
I started to look around at plans when I learned of the benefits that Disability Insurance could do for me in the event of an injury that prevented me from working. During this search for the best Disability Insurance plan I came to realize 3 big reasons why it is essential in everyone’s life and wanted to share them with you:
- Protection of My Assets
When I was considering Disability Insurance, I was looking into what I have to lose if I were to be disabled and if there was anything that would protect my assets. I don’t want to lose everything that I’ve worked for because I did something like bruise my tailbone, or have my back go out because I didn’t lift a box properly. I do not want my life that I built up to crumble around me because I did not get Disability Insurance. For just a dollar a day I found it was possible to save myself the worry and ensure that my cash flow wouldn’t be interrupted by an accident!
- My Family’s Livelihood
I want my family to be able to navigate any financial troubles they will face if I were to become disabled. Since they will be dealing with my injury I do not want to make the situation worse by not having any financial security in place for them. I want to keep a roof over their heads and I want to give them everything that they desire, even when I am hurt. Keeping my family at our level of comfort is paramount to me, and it was a big part of my decision to opt for Disability Insurance.
- Insufficient Employer’s Insurance
With my previous employer I did have Disability Insurance, I was curious about what they had to offer and dug out my old policy forms. After looking through them I found that if I were hurt that I would’ve received only 60% of what I earned normally! If I had known about this insufficient coverage I would have opened up a policy long ago, so this was a definite eye-opener for me and showed me that opening up my own policy is a must!
Having Disability Insurance is important, as well as having the correct amount of coverage. So, do not ever be shy to look into a disability plan! When you do decide to get Disability Insurance just be sure that your policy is guaranteed renewable so you will always have the amount of coverage you agreed upon initially. And most importantly, don’t allow life to push you around if you become disabled; it’s always best to be prepared!