Protecting Your Income
A friend of mine, a professional photographer, recently had decided to get a disability insurance. Disability Insurance is a form of insurance that insures the beneficiary’s earned income against the risk that disability will make working (and therefore earning) impossible. It’s a unique financial planning vehicle because it insures what is usually one’s largest asset (often forgotten) the ability to earn an income and thus one’s future income.
Our society becomes more advanced so that people are living through events that used to kill them. This is resulting the need for disability insurance increases every day. It could be your uncle who just had back surgery and is laid up for six months. Maybe it’s your brother-in-law who is struggling with anxiety or perhaps somebody even closer to home. One thing is certain, many people you know, right now, are living with a disability — or an imminent disability at some point in their future.
It’s very important for anyone including physician to have physician disability insurance especially if they do not have any disability provided for them, nor do they qualify for Social Security. This is also because they likely have experience with the fragility of the human body and also its great resiliency.
Will it be expensive? It will all depends. Cheap policies usually are not comprehensive. It’s a good deal if you don’t get disabled. However, if you are one of the many people hat become disabled, you surely need the best disability insurance. Like everything else, the best isn’t the cheapest.
After all, if you have insured other less valuable assets such as your home and car, so why not insure your income? You see, the risk of a long term sickness or injury is actually greater and has a potentially more significant impact on your present and future career. This is where disability income insurance can help.
