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While we all want to believe in our immortality, particularly when we're younger, the disability statistics provide an unwelcome, but harsh injection of reality. Although there are some mathematical differences in results, the likelihood of disability for most people, regardless of occupation, ranges from 15% to 25% between the ages of around 25 to 65. Regardless of your belief in luck, fate, or history, the odds, ranging from around one in seven to one in four, are not in your favor. Available disability statistics reinforce the generally accepted theory that your current and future income is your most important asset and should be protected to the best of your ability. Have you given thought to how you'd manage your household if your current income abruptly stopped because of injury or illness? If you are in business or have your own practice, how would your ongoing monthly business expenses get paid if you were unable to practice your specialty for a time?
The statistical likelihood of disability indicates that an investment in an effective disability income insurance policy is a wise decision. Employer disability insurance is offered by many companies but professionals (and others) should consider getting individual coverage. Employer-paid disability and health insurance coverage is wonderful. But when you change employers, you lose this protection. Portability of coverage could be very important in the future.
The likelihood of disability data indicates that you need to seriously consider having sufficient disability insurance coverage. Statistics of disability, regardless of your current medical history, dictate that protection of your most important asset -- your earning power -- should be first on your to do list..
Refer to your insurance policy contract for specific information regarding your coverage and for actual terms, conditions and exclusions. The above statements are general in nature and may or may not reflect the actual terms of your insurance policy.