5 Ways Disability Insurance Will Protect You From Losing What You Love

January 18th, 2012 | Author: Mitch Reynolds

5 Things You Might Lose Without Disability Insurance

Disability Insurance Protects the Life You Live

The importance of disability insurance is often overlooked, but it shouldn’t be. Disability insurance basically insures your income and provides you with benefits should you ever become unable to work due to disability or illness. Without the steady income you and your family rely on, life would become difficult and you may lose some very important things. If you would like to know more about what you might lose without disability insurance, take a minute to read the following article.

1. Your Home

When you become injured or ill and are unable to work, the paychecks you normally receive come to a screeching halt. This means that, unless you have a great sum of money in your bank account to cover everything, your bills may quickly become overdue. One of the most important bills is your mortgage or rent payment, which pays for your home. If you are unable to pay for your home because you do not have the money to do so, you may lose it. A disability insurance policy can provide the money you need to stay current on your rent or mortgage payment, which in the end can save you from losing your home.

2. Your Car

If you become disabled and cannot work, the loss of income can be financially devastating. You may no longer have the money to pay for that nice car you purchased a year ago. Many folks who are unable to work lose their cars before anything else because they feel it is something they can live without. Although this may be true, you should never have to choose between paying your car payment or your house payment. The benefits you receive from a disability insurance policy can prevent you from losing your car, which is another reason why disability insurance is so important.

3. Your Kids

The majority of people would agree that children are precious and should come first no matter what. Most folks would also agree that it costs a great deal of money to properly care for a child. If you are unfortunate enough to become unable to work, the money you use to care for your children may no longer be there. This can cause major problems and may leave you unable to take care of them. Without a disability insurance policy to help supplement your income, you may ultimately lose your children because they are no longer in a financially-stable home.

4. Your Financial Freedom

When your income stops abruptly due to an injury or illness, your monthly bills often become less of a priority. This can cause you to quickly become behind on them, which will result in a lowered credit score and/or possible bankruptcy. Bankruptcy will make you lose the freedom you once had to take out loans and open credit cards as you needed them. Your financial freedom can suffer for many years unless you have a disability insurance policy in place to protect it.

5. Your Sense of Well-Being

Unfortunately, money can be a major cause of stress in your life. Making too much money can be stressful, while losing or making no money can prove even more stressful. If you cannot work, not only will you be stressing out over your health problems, but your money problems as well. This can cause you to lose your sense of well-being, which is extremely unhealthy. A disability insurance policy can help reduce the amount of stress you suffer from, which is another good reason why it is so beneficial to have.

All of these things are at risk if you do not have disability insurance. For the money it costs to pay your premiums, you can safeguard yourself and your family from losing some of the most important things in life. You should definitely take the time to consider a disability insurance policy if any of these things matter to you.

This is a guest article was written by Karen Schweitzer. Karen writes for BusinessInsurance.org. If you found this article interesting or it made you think, please feel free to share your comments below. Liking us on Facebook, giving us a +1 on Google or Tweeting this article about 5 critical illness insurance will protect you from would also be very much appreciated.