Planning on having an injury or illness that leaves you disabled? Most of us don't. I certainly didn't. My multi-year disability cost me over $500,000!
A disability is something you may never recover from financially even if you are lucky enough to recover physically. When you lose your income you lose more then just your pay check. You also lose the opportunity to invest, save for your kid's college education and prepare for retirement. Think you have enough money to whether the financial storm? Keep this in mind, approximately twenty years from now today's dollar will be worth approximately fifty cents, advances in medical technology will keep you alive from something you would have died from today, the average life expectancy is rising and it will soon be common to live beyond 100. It is conceivable we could spend 40 to 50 years in retirement. If you become ill or injured, your income suddenly stops and you have to live off your savings and investments, how much will be left to retire on? How long will it last?
Without a disability policy, after you've drained your savings, refinanced your home, whipped out your retirement portfolio, spent your kid's college fund, maxed out your credit cards . . . What's left?
If you own a disability policy, everything is left. All your finances, hopes and dreams for your family's future are safe and secure. The only thing you have to concentrate on is getting well.
