10 Reasons Not To Buy Disability Income Insurance
10. Social Security will take care of me
Fact: Social Security initially denies about 65% of all disability claims
9. It won’t happen to me – I expect to stay healthy
Fact: During the course of your career, you are 3 ½ times more likely to be injured and need disability coverage than you are to die prematurely.
8. It costs too much
Fact: The average annual cost is typically only 1% to 3% of what you earn.
7. My financial needs change so fast. What policy could keep up?
Fact: A DI policy is flexible.
6. I want a policy that keeps pace with my income – without medical underwriting.
Fact: Most carriers offer riders that allow you to increase your coverage without providing evidence of insurability.
5. I would have to be totally disabled to receive benefits
Fact: There are ways to protect your income in the event of a partial disability.
4. My family and friends will help me out
Fact: Your loved ones may be in a position to support you. Do you really want them to and for how long?
3. I can always buy coverage later
Fact: People usually don’t get healthier as they grow older, and coverage will cost more.
2. I can rely on my savings
Fact: Even with savings 10% of your salary, one year of disability could easily wipe out many years of savings.
1. Your business will continue while you are out sick
Fact: Someone will need to be there to ensure that the business continues while you are recuperating.