Why is the impact of disability worse than death?
By Jorge Hiram Garcia, Your Insurance Advisor | April 28, 2010
In the last post, we discussed why the financial impact of a disability was far larger than that of a death for the typical consumer and their family. The financial impact of disability is larger because when a disability occurs the disabled still needs a place to live, still has living expenses such as food and water, and must now receive additional care. What this means for most consumers is great financial hardship.
Disability is the inability to earn a living (this means working for most of us) due to illness or injury. Long term disability results from this type of condition existing for a period of three months or longer. The longer the period of disability, the harder it becomes financially for the disabled, and his or her family.
How probable is the chance that a consumer will become disabled for a period of three months or longer. Much higher than one would suspect. Major factors contributing to long term disability need not result solely from illness, but from injury, especially in the case of younger people. At age 25, your chances of disability die to an injury are much higher due to the reckless behavior at that age. In this age of extreme sports and extreme activities such as paragliding, mountain climbing, bungee jumping, etc., young people face a higher probability of encountering a life changing injury than in the past.
Older people, as a result of their age, also face higher probabilities of injury due to falls, slips, or missteps. The results from such injuries affect the ability to work of consumers, and negatively impact the financial health of consumers and their families, who must now carry en extra financial and health care burden.
Disability insurance helps alleviate many of the financial burdens that result from a long term disability. Buying long term disability insurance is essential for the majority of consumers and their families unless you have the financial resources available to meet your monthly living expenses for an indefintie3 period of time. The only thing that is worse than long term disability is not death, as most people would imagine, but long term disability without a source of income. Learn more about how much long term disability insurance costs.
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