Do you have adequate Disability coverage or any at all?

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Disability insurance is something that needs to be evaluated by all.  This type of insurance is often overlooked, but at the same time is a key component to a family’s financial future.  According to the Social Security Administration, roughly 30% of today’s 20 year olds will become disabled before they retire.  This is a staggering statistic and could cause financial calamity if you are not protected against it.

Many of us consider and purchase life insurance just in case one of the income earners of the family should face an untimely death.  Now what if one of the income earners is injured and unable to work and help support the family.  Think of the family in our article last month, a 40 year old couple with two children and a $200,000 mortgage.  Let’s assume that the member of the family earning $100,000 annually is struck with a disability.  Is this family prepared?  The answer is NO.  According to the Consumer Federation of America, 60% of adult Americans have no monies earmarked for emergencies.

When evaluating insurance to buy, you always want to cover the big risks or potential large losses.  We believe that a family, like the one outlined above, would suffer extreme financial hardship if they encountered this type of situation.  

Disability insurance can protect you from this exact hardship.  The cost for this coverage will range widely depending on a number of factors including age, occupation, health and the coverage contained in the specific policy.  When evaluating the risk vs. reward one should view what the expense would be versus what the potential loss would be if that individual were unable to work.  Many times the cost of coverage is minute compared to the coverage you are receiving.

Unfortunately many will experience some type of disability in their lifetime.  The question is, will they be covered when they do?  We always suggest investigating the costs and benefits of this very important coverage.  This way if you decide to self insure against this risk, you have done so in an informed manner with all of the facts.

The longer you wait, the more expensive a policy becomes and the more you put your family at risk. Please contact Mitlin Financial in order to review you financial circumstances and see if a disability insurance policy is right for you.  It is one of the few ways to protect your family from financial struggle in case of an untimely disability.

Disclaimer: This article represents the opinion of Mitlin Financial Inc. It should not be construed as providing investment, legal and/or tax advice.

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