Disability Insurance: You Need It
What would you consider to be your most valuable financial asset? Most people say their home, but I don’t think so. Is it your retirement plan? Again, the answer is probably no. Your business? Nope. For most people, their most significant asset if their ability to earn a living.Let’s say you net $50,000 a year in your business, and that you are 40 years old. Even if your income did not grow at all (highly unlikely), your earning power over the course of your working life is $1.25 million ($50,000 x 25 years.) Now that is a significant asset.
I saw a recent study that indicated that almost half of all bankruptcy filings were due to illness or injury, making disability insurance far more important than life insurance insofar as financial security goes. And, according to the Health Insurance Association of America, almost a third of all workers aged 35 to 65 will have an injury or illness sometime during their career lasting at least 90 days.
So, not only is disability insurance generally important for the average worker, it is specifically important for the self-employed.
Photo by joyrex.
Work At Home Business Opportunities Weblog | Disability Insurance For Entrepreneurs on May 31st, 2006 6:33 am
[...] Disability Insurance For Entrepreneurs Dane’s post on disability insurance got me thinking… [...]
Noel McKinney on May 31st, 2006 2:07 pm
Thanks for pointing this out, we so seldom think about disability. Insurance agents must not get compensated very well for selling it, they don’t bring it up. I’ve talked to agents about it and they just want to divert the conversation to life insurance.
Abby on August 15th, 2006 7:24 am
Noel is right, we rarely think of disability. It can happen to anyone and everyone!
Whenever an insurance agent is approached, they talk more of life insurance, since maybe their commission is more or whatever!
Anyways thanks for pointing this out!
sandy miller on April 30th, 2007 2:01 am
Dear Sir or Madame,
First we would like to introduce ourselves. We have developed a new and serious online dating service for people with disabilities. The website address is: http://www.Disability-Love.com
The site is a “non-profit project�, is completely free of charge for every user and does not contain any commercial advertising.
Since your site addresses the same target group as Disability-Love.com we would be very grateful if you would be interested in a cooperation in the form or a link or bannerexchange.
I would be very happy to hear from you soon.
Best Regards,
Sandy Miller
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