If you simply cannot physically or mentally do your job, you will leave, either on your own or by your employer's action. It won't take long for the bills to mount up. Soon, discretionary spending (clothing, dining out etc) will end, too. Eventually, there is no savings for retirement, vacations...... No relative or friend will carry you for more than a month or two.
The reality is that nothing but disability insurance can replace your income. When you pay the premium, the benefit is tax-free. If you are a young professional, you can also add a rider that lets you optionally buy more disability income coverage as your income rises, even if your health changes !
Best disability income policies are from Guardian, and also very good are Union Central, MassMutual, MetLife, and Principal. If your agent is merely filling in your occupation on the application form, he/she is being lazy. Write out what you do, now, in detail, while you are healthy, so you are not trying to define your occupation with a fussy disability income insurance claim analyst when you are disabled.
Do, however, take some time to look at the exclusions on the policy. There are several companies that have several pages of exclusions that would allow them not to pay the disability income insurance benefit. Hence, I recommend Guardian because they seem to have the least amount of exclusions.
To conclude, even if you never buy life insurance and scrimp on your auto insurance and homeowners, never scrimp on disability income insurance. You can always make it all back, as long as you still can work, but if you can't...well, that is why disability income insurance is a necessity.
You have to rely upon yourself for your own salvation.
The reality is that nothing but disability insurance can replace your income. When you pay the premium, the benefit is tax-free. If you are a young professional, you can also add a rider that lets you optionally buy more disability income coverage as your income rises, even if your health changes !
Best disability income policies are from Guardian, and also very good are Union Central, MassMutual, MetLife, and Principal. If your agent is merely filling in your occupation on the application form, he/she is being lazy. Write out what you do, now, in detail, while you are healthy, so you are not trying to define your occupation with a fussy disability income insurance claim analyst when you are disabled.
Do, however, take some time to look at the exclusions on the policy. There are several companies that have several pages of exclusions that would allow them not to pay the disability income insurance benefit. Hence, I recommend Guardian because they seem to have the least amount of exclusions.
To conclude, even if you never buy life insurance and scrimp on your auto insurance and homeowners, never scrimp on disability income insurance. You can always make it all back, as long as you still can work, but if you can't...well, that is why disability income insurance is a necessity.
