If someone were to ask you what your most valuable asset is, what would you say? Your house, your 401(k), your baseball card collection? For most individuals, their ability to earn money is their largest asset! Disability insurance protects your biggest asset. We buy insurance for our homes and our cars; why not buy insurance on our ability to work?
The Social Security Administration estimates that more than 1 in 4 20-year-olds will become disabled before reaching retirement age.1 Disability Insurance Awareness Month brings awareness to this frightening fact and helps individuals protect themselves and their families against this often neglected risk.
Disability insurance comes in short-term coverage and long-term coverage. While coverage for short-term disabling events can be useful, long-term disability coverage protects against those more devastating disabling events that put you out of work for longer periods of time and even permanently.
Disability coverage can be offered by employers or purchased individually. Typically, disability insurance provided through an employer will be cheaper than on the individual market. Check with your HR department to see if you have the ability to get disability insurance coverage. Do you know how much disability insurance you need? Visit www.lifehappens.org to use their free disability insurance need calculator.
The views and opinions expressed herein are those of the author(s) noted and may or may not represent the views of Capital Analysts or Lincoln Investment. The material presented is provided for informational purposes only. Past performance is no guarantee of future results. No person or system can predict the market. There is no guarantee that any strategies discussed will result in a positive outcome. All investing involves risk and no investment strategy can guarantee a profit or protect against loss, including the potential loss of principal. S&P 500 Index is an index of 500 of the largest exchange-traded stocks in the US from a broad range of industries whose collective performance mirrors the overall stock market. The NASDAQ is an index that tracks the cumulative results on a market capitalization basis of all stocks trading in the NASDAQ system. The Dow Jones Industrial Average is a widely watched index of 30 American stocks thought to represent the pulse of the American economy and markets. Investors cannot invest directly in an index. Diversification does not guarantee a profit or protect against a loss.