The Expressway to Broke?
You might have read another post on this blog that mocked your perceived invincibility if you’re a youngin’ (age 50 or under). The very short version of this post was that the younger you are, the higher the odds that you will become disabled for at least 90 days, suffering lost income as a result.
Have you fallen into the trap, Dr. Invincible? Do you think you aren’t one of “those people” who will miss three months or more of work and the subsequent income that comes with it? You think you’re able to recover quickly and get back to work in three to six months and you have saved enough money for a six month contingency? What if you are the one who gets disabled and unable to work for an extended period of time?
Well, here is another piece of sobering news. It is reported in the Journal of the American Society of Certified Life Underwriters that of those who have a long-term disability (90 days or more), the average 25-year-old has a disability that lasts 4.3 years.
Yes, that is years, not months. Statistically, if your disability surpasses 90 days, you could very well be unable to work for nearly half a decade. Consider this: That 25-year-old who is disabled for 4.3 years – earning, on average, $96,000 per year – would lose more than $400,000 in income if he or she did not have disability insurance.
And 4.3 years is a conservative estimate. If you’re 35, your long-term disability may last 5.1 years, which would mean lost income of more than $475,000 – that’s nearly half a million dollars.
Not having that money and not having insurance for it would be like getting on an expressway to broke without the brakes working. Granted, disability insurance will not cover the full amount of lost income, but it will provide a sizeable replacement.
Does it get you thinking? Not only are you not invincible, but the fact that you are conquerable can be enduring. Don’t make your financial pain endure for years. At least look into disability insurance and learn how it can ease the pain of a long-term incapacitation.
At www.DoctorDisability.com, we’d like to set you on the road to financial peace of mind instead of the expressway to broke.