There’s no controversy about the need for disability insurance
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Los Angeles, CA (PRWEB) October 10, 2006
ProtectYourIncome.com offers new features and advice on how to protect one’s greatest asset: future income.
While most financial products are either controversial; “Term life insurance or whole life insurance?” or are just accepted necessities i.e. auto insurance or homeowners insurance, there is one with universal acceptance: disability insurance.
Unanimously recommended by the media’s financial advisors, professional financial advisors and financial planners, disability insurance is seen as a vital part of one’s financial plan. “There’s no controversy about the need for disability insurance,” says Neil Willner of ProtectYourIncome.com. “Why? The answer is simple. Unless one has already attained substantial wealth, the largest asset one has is the total of one’s future income. Statistics show that 30 percent of Americans between the ages 35 and 65 will have a disability of 90 days or more during their working years and the loss of this asset due to a long-term disability can be devastating.”
Take the example of a physician entering practice at age 30: If the average income for a physician is $200,000 per year then the total of future income would be $7,000,000, not including increases for inflation. An individual who averages $70,000 per year would have a total of $2,450,000 over their working lifetime.
According to a recent study 46 percent of the foreclosures on conventional mortgages were caused by a disability. Compare this with the fact that only 2 percent are caused by the death of the homeowner. Yet far more people have life insurance to cover this kind of contingency than those who have adequate disability insurance. About 110 million Americans have no long-term disability insurance other than the amount covered by social security, which is inadequate by itself to cover most people’s living expenses.
After seeing the facts and coming to the conclusion that one should get disability insurance, what’s the best course of action? “Find a specialist in disability insurance,” advises Willner. “Not every insurance agent or financial planner works with this type of insurance on a regular basis. There are nuances such as how an insurance company defines disability.”
Willner offers this tip: look for one with a “your occupation” definition of disability. And look online - the leading disability insurance sites offer a wealth of information on the intricacies of these policies. Some of them have experience with many kinds of disability policies. They provide quotes from the leading insurance companies and offer advice on which one would be the best.
Contact: Neil Willner
1550 W. Colorado Blvd. Pasadena, Ca. 91105