Disability Income Insurance
Most people insure their material possessions - their homes and cars, for example. But many of these same people don't insure what is probably their most valuable asset - their ability to work and earn income. If you become sick or are injured and can't work, will you be able to pay your bills and maintain your standard of living? If you depend on your income to pay the bills, you need to seriously consider buying disability income insurance. Disability income insurance can help you pay your bills by replacing a portion of your income. It can help you maintain your current lifestyle and help protect you and your family from going into serious debt.
Your chances of being disabled at some time during your working career are probably higher than you think.
Of course, the chances that any one individual will be disabled before retirement depends on many factors, including age, general health, and occupation.
Consider the Odds of a Business Owner Becoming Disabled for 90 Days or Longer Prior to Age 65:
Number of Business Owners |
||||||
Age |
1 |
2 |
3 |
4 |
5 |
|
| 30 | 54% | 79% | 90% | 96% | 98% | |
| 35 | 50% | 75% | 88% | 94% | 97% | |
| 40 | 45% | 70% | 84% | 91% | 95% | |
| 45 | 40% | 64% | 78% | 87% | 92% | |
| 50 | 33% | 55% | 70% | 80% | 86% | |
| 55 | 25% | 43% | 57% | 68% | 76% | |
Source: 1985 CIDA Table and 1980 CSO Table
It's also important to know that a disability lasting for more than 90 days is likely to continue for:
Age When Disabled |
Average Duration of Disability |
| 30 | 2.5 years |
| 35 | 2.8 years |
| 40 | 3.1 years |
| 45 | 3.2 years |
| 50 | 3.1 years |
| 55 | 2.6 years |
Source: 1985 Society of Actuaries DTS
Are you willing to gamble your financial well being, and that of your family and business, on these odds?
Call Kelly Financial today for quotes on Disability Insurance.