Three Reasons to Have Disability Insurance

Planning for your financial future tends to take a backseat to the more urgent matters in your life.  If you have a family, you are busy supporting your children and maybe even your elderly parents.  Especially because disability insurance seems to be an expense that is easier to avoid than deal with, a lot of people ignore the value of having this type of security.  Here are three good reasons to have disability insurance now.

  1. You are more likely to be unable to do your job because of an accident or an illness than die in your 40’s and 50’s. If you are responsible for the support of your loved ones, imagine a scenario where your income stream suddenly stops.  What would you do?  Do you have enough savings to support yourself and your family through six months or longer with no income?  If you have a policy through your employer, do you know if it will actually protect you in the event of illness?  These are tough questions, but worth asking now.
  1. As you age, you become more of an underwriting risk to a disability carrier and less likely to qualify for your own policy at a reasonable rate. Anyone purchasing a private disability policy goes through an underwriting process where they supply their medical history to the disability insurance company. The company considers your medical condition when deciding whether to sell you a policy or charge a particular premium rate.  The older you are, the more likely you will have suffered a medical condition that could adversely affect your insurance premium rate.
  1. The larger the investment in your occupation, the higher the risk of losing your occupation. Medical professionals such as surgeons, nurses, and anesthesiologists endure years of training and expense to attain degrees that allow them to work in their chosen profession. Unfortunately, one horrible stroke of luck could strip them of their livelihood despite the great effort expended in achieving this level of accomplishment.  Disability insurance is crafted for these very situations and is worth the expenditure of money now to protect a future with possibilities.

If you are on the fence about purchasing disability insurance, consult with an experienced disability attorney.  Gisonni Law Firm can help you in this endeavor.

Gisonni Law Firm focuses its practice on disability claims and litigation for disabled people in New York, New Jersey, and the tristate area.  For an understanding of your legal rights from the perspective of a highly experienced disability attorney, call Gisonni Law Firm today.