Disability insurance protects your income
The odds of dying are about 1 in 100 in any given year, but the odds of being disabled are about 1 in 10.
Disability insurance is just as important – perhaps even more imperative – than life insurance.
Quote from the Show:
“The odds of a 20-year-old [is] 1 in 4 that they will become disabled and unable to work before reaching the age of 67.”
What you’ll learn:
- How Jermichael Finley, NFL tight end, is still financially secure after a devastating spinal injury.
- Workers’ comp alone is insufficient to cover the cost of a disability.
- 95 percent of disability claims come from illness, not on-the-job injuries.
In today’s episode Frank Darras, America’s Top Disability Lawyer, discusses some of the biggest injuries impacting the sports world in recent memory, including the spinal injury of Jermichael Finley, a tight end for the Green Bay Packers.
Unfortunately for both the athletes and their families, these injuries can often be career ending. If you’re a young player just beginning a career in professional sports this can have enormous ramifications on you and your family’s lifestyle.
Fortunately Finley had advisors around him that had a $10-million dollar insurance policy taken out in the event of a career ending injury. According to a report in June by the Milwaukee Wisconsin Journal Sentinel it remains unclear whether or not Finley will be returning for the 2014 season. But no matter what the outcome, Finley is no doubt thankful to have taken out the insurance policy.
Of course being injured on the job or getting sick isn’t exclusive to professional athletes. The same type of insurance can provide similar protection for working class folks as well. Listen to today’s episode to learn more about this important insurance topic.