Individual Disability Insurance. If You Don’t Have It, Get It.

37 Million Americans are disabled today. 18.5 million are disabled during their working years. Most of these people don’t have the savings or investment portfolio to absorb this kind of hit to our finances. Disability insurance is the answer.

Injuries happen. They happen at work and they happen outside of work. Take a look around you – who was in an accident this week? Consider Bobby Labonte, the NASCAR driver who was off the circuit for three weeks after a bicycle accident. He missed three races because of an injury that he incurred while riding a bike near his own home. Accidents happen and serious injuries can result, challenging your ability to earn your paycheck if you don’t have the proper disability insurance coverage.

Here are three reasons you should serioulsy consider an individual disability insurance policy, according to insurance attorney Frank Darras:

• It’s tax free. You don’t owe taxes on the benefits you receive from an individual disability insurance policy.
• It’s portable. If you leave your current employment, you can take it with you. An individual disability policy is yours and will follow you wherever you go.
• The policies are fixed. The premium can stay the same over the life of the policy.

It’s your choice whether or not you wear a seatbelt each time you get into a car. It’s also your choice whether or not you will have individual disability insurance coverage. In both situtations, one response is better than the other. One provides protection and the other does not. Which choice will you make?