Disability Income
A trick question I always like to ask is: What is your greatest asset? Most of the time, material possessions like houses, investment portfolios and cars are the answer. However, how can most people be in a position to acquire substantial material possessions if not for their smarts, savvy, and hard work that they apply to their career? Would you not be your greatest asset? Wouldn’t your skills and talent, within the vessel of a healthy body be your most important asset?
If we can see the importance of getting our material possessions insured, I think we can appreciate how getting insured for our ability to earn an income is even more important.
For the vast majority of the population, mortgages, household expenses, children’s upbringing, and a future retirement lifestyle completely depends on a person’s earning abilities. This risk can now be managed.
What disability income insurance does is that in the event that we are unable to work in our occupation due to illness, injuries, or mental illnesses, a percentage of our income will be disbursed to us. This provides the security of a stream of income when we are unable to work. This may be the difference between being independent and being on dependent on others’ charity.
Being financially independent, even when things are a little harder is now possible. If providing for ourselves and our loved ones is non-negotiable, we should have a conversation.