Disability Insurance

MICON's Insurance Services

If you had a goose that was laying golden eggs, would you insure the goose, or the eggs? Most of us would probably insure the eggs (our homes, our cars, boats, etc.). Without the goose (our income) these eggs could be lost. Disability insurance insures the goose if you become disabled and can’t work.

The biggest asset you have is your ability to get up every day and earn a living. If you can keep doing it, you will earn a fortune. However, if you become disabled, your continued living can come from depleting your financial security plan. Death can reduce your financial security plan with one lump sum. Disability does it slowly. The question to ask yourself is,..... If you were sick or hurt tomorrow and couldn’t go to work .... how long could you live on your savings?

Some employers provide short and/or long term group disability coverage covering a portion of your income. Usually, this disability insurance is offered at a very reasonable price, may not require medical information, and often is fully paid by the employer. If your employer offers this coverage, you are encouraged to take advantage of this employee benefit. However, it usually doesn’t cover you for more than five years, so you are also encouraged to purchase a personal disability policy.

Social Security offers a disability benefit, but it has a special definition for the term "disability". It is very specific and is related to your ability to work. To qualify for disability from Social Security, you must have a physical or mental impairment that is expected to keep you from doing any “substantial” work for at least a year, or you must have a condition that is expected to result in your death.

A personal disability insurance policy is always the best alternative….because…. the only person who can take care of you tomorrow, is the healthy, working person you are now.