Ask most people to think about their most valuable asset, and they'll mention their home, their car, their jewelry, or other possessions. But for most of us, our most valuable possession isn't anything of those things ‘ it's our ability to earn a living. And just as you would insure your car, your home, and other valuable possessions, you need to insure yourself in case you are no longer able to work. That's what disability income insurance does ‘ it provides a source of replacement income if you're unable to work due to an illness or accident.
If becoming disabled may seem unlikely, the odds may surprise you. Nearly 1 in 5 Americans will become disabled for 1 year or more before the age of 65.
The other thing to keep in mind is that an accident or illness that keeps you out of work for a period of time can be very costly. That's because people who become disabled not only need to continue providing for loved ones, but for themselves as well. A disabling injury or illness could lead to medical bills, modifications to your car or home, or other unforeseen needs that can be quite expensive. For all these reasons, almost anyone who works ‘ whether they're single, married, with children or without ‘ should consider disability income insurance.