What are the odds of becoming disabled?
It is far more likely that you will suffer a disability than be in an auto accident or have a house fire. The chances of suffering a long-term disability of 90 days or more before you reach age 65 are unbelievably high. There’s actually a higher likelihood of your becoming disabled than your dying! A 25 year old has a 52% chance of becoming disabled; a 35 year old has a 48% chance, and a 50 year old has a 34% chance. (Source: 1985 Commissioners Disability Table)
How much does disability insurance cost?
Disability insurance is priced according to the elimination period, benefit period, your age, occupational class, and benefit amount.
Will your medical history prevent you from qualifying for disability insurance?
Disability insurance underwriting does not look at the likelihood of your passing away but rather the probability that you will be unable to perform the duties of your job. Things that are looked at include neck and back problems, mental and nervous condition counseling, and the use of anti-depressants. Even with challenging medical histories, carriers are often willing to limit the benefit period or extend the elimination period to approve this type of protection.
Insuring your income could be the most important thing you ever do.
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