Disability insurance – do you need it? How much? What kind? Is it better to pay for it individually or through a group disability plan. What are some of the common features?

No one likes to think about needing disability insurance. We all think it is just for older people but statistics show that the younger people are affected.  It might be assumed that the aging of the workforce may be a factor in the increasing numbers of disabled workers. Disability, after all, rises with increased age. But the average age of disabled workers is actually falling. In 1970 the average age of a disabled worker was 52 years. In 2000 it had fallen to 49 years.

A qualified person with a disability has a 1 out of 100 chance of getting a job when compared to people with similar qualifications.

Note that only a minority of people with disabilities would actually qualify for SSI or SSDI (disability income) since “total disability” or inability to work is a requirement to qualify for such income.

Hear this podcast by John Ryan CFP® to learn all about disability insurance.

The 7 Questions You Must Ask Your  Regarding DI Insurance

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