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Who Needs Disability Insurance?

Posted on 13 June 2015 by tracy (0)
When was the last time you thought about disability insurance? Maybe briefly when you saw one of those advertisements on television hawking legal services for people who need help navigating the federal government’s social security disability program. Or maybe – like me until recently – you have never really given it much thought at all.


It’s easy to assume that you’re covered if you have good health insurance and solid retirement planning. Health insurance will take care of you in the event of an accident or major illness, and retirement planning covers the later years when we become either unwilling or unable to earn a living.


I certainly assumed this. But, last year something happened in my family that opened my eyes to the value of disability insurance. My 32-year-old nephew, a bright and extraordinarily healthy young, man suffered a series of strokes that have left him almost incapable of working. He’s fortunate that his employer has very generously made accommodations that have allowed him to continue doing some work. Unfortunately, the pay is lower, which is totally reasonable since my nephew can’t perform as he once did.


What’s more, while he’s likely to have a long life, it’s unclear if my nephew will ever recover his prior earning potential. Like many people, he doesn’t come from a family that can afford to support him forever. And, like virtually everyone his age, he hasn’t got sufficient savings to support himself through old age.


What he needs is disability insurance. But now it’s too late for him since you can’t get coverage after the fact. He and his family will now have to work together to figure out the next best thing to do.


Here is my point: everyone who needs to work to support themselves should have disability insurance. That means not just you, but also your children and grandchildren.


Disability insurance is easier to get and less expensive than health insurance. Please call me if you need a referral to a high-quality provider, I’d be happy to help. You can always call me at 212-308-5495 or email me at thetaxxman@aol.com.


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