FINANCIAL FOCUS: Be aware of the need for disability insurance

Joe Faulk

Joe Faulk

Published: Wednesday, April 30, 2014 at 01:45 PM.

 

It probably doesn’t show up on your calendar, but May is Disability Insurance Awareness Month.

That shouldn't be surprising when you consider the following:

• Three in 10 people entering the workforce will become disabled before retiring, according to the Social Security Administration.

• At age 42, you are four times as likely to become seriously disabled than to die during your working years, according to National Underwriter Life & Health.

• Disability causes nearly 50 percent of all mortgage foreclosures, according to Health Affairs, a health policy research journal.

You can be really good at budgeting your money and you can be a disciplined long-term investor, but unless you’ve protected at least a reasonable percentage of your income, your whole financial strategy is incomplete.



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