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Why You Need Disability Insurance Grants Pass OR

In reality, only 50% of employers cover short-term disability, and only 40 % cover long-term. Further, it's getting harder and harder to qualify for government programs, as government money dries up and new rules make it tougher to get.

Health Insurance Place
(541) 474-5020
1826 Williams Hwy
Grants Pass, OR
 
Douglas Armstrong
255 Stewart Ave. Suite 101
Medford, OR
Company
Title: Investment Advisor
Company: Armstrong Wealth Management
Service
Pension for Highly Compensated Owners,Stock Market Alternative,Alternative Investments,Life Insurance,Investment & Portfolio Management,Long-Term Health Care Planning,Annuity Ideas & Strategy Planning,Planning For Personal Finances & Budgeting,Retirement Income Accumulation Planning,Business Income Tax Planning,Wealth Engineering,IRA, 401k, Roth IRA, QDRO Rollovers,Wealth Management,Medicaid,Retirement Planning,Real Estate Investment Planning,Commission-Only Financial Planning (Full Disclosure),

Data Provided by:
Timberline Health Benefits LLC
(503) 292-2075
5319 Sw Westgate Dr
Portland, OR
 
AFLAC!
(541) 598-4440
2023 NW 22nd St.
La Pine, OR
 
Insurance Store Online/The Insurance Store
(503) 693-1186
West Linn, OR
 
Fred King, CFP
The H Group, Inc.
Portland, OR
Company
Company: Fee-Only Financial Planner ("No Commissions")
Type
Registered Investor: Yes
Education
Oregon State University
B.S., Business
Years Experience
Years Experience: 6
Service
Wealth Engineering,Income for Life/ Preserve Principal,Medicare Planning,Investment & Portfolio Management,Investment Consulting & Allocation Design,Insurance & Risk Management Planning,Retirement Income Distribution Planning,Education Funding & Financial Aid Planning,Fee-Only Comprehensive Financial Planning,Portfolio Engineering,IRA, 401k, Roth IRA, QDRO Rollovers,Alternative Investments,Retirement Planning,Long-Term Health Care Planning,Business Succession & Liquidation Planning,Estate Tax Pl

Data Provided by:
Jeff Vass
510 SW 5th Ave
Portland, OR
Company
Title: LPL Financial Advisor
Company: Meridian Financial Group
Type
Investment Advisor Rep: Yes
Service
401k Rollover From Employer,CD Alternative,Disability Insurance,Annuities,Long-Term Health Care Planning,Estate Tax Planning,Asset Protection Strategies & Planning,Stock Market Alternative,Alternative Investments,Life Insurance,Investment & Portfolio Management,Insurance & Risk Management Planning,Retirement Income Accumulation Planning,IRA, 401k, Roth IRA, QDRO Rollovers,Wealth Management,Health Care Insurance,Retirement Planning,Business Succession & Liquidation Planning,Retirement Income Dist

Data Provided by:
Benefit Design Group
(503) 639-3231
17152 Sw Upper Boones Ferry Rd
Portland, OR
 
La Pine Dental Center
(541) 536-2110
51374 Hwy 97
La Pine, OR
 
Baird Memorial Chapel, Inc
(541) 536-5104
16468 Finley Butte Road
La Pine, OR
 
Data Provided by:

Why You Need Disability Insurance

Provided By: 

Why You Need Disability Insurance

Disability insurance is part of a solid financial plan for you and your family. Why? Disability can be financially devastating. Without disability insurance, your income is unprotected and your ability to meet your financial obligations could be at risk. The biggest issue with disability is that it comes out of the blue. No one plans to be disabled, either temporarily or permanently, but it does happen. Disability insurance ensures that if the unthinkable happens, you won't be devastated financially.

Your odds of dying in a given year are statistically 1 out of 106. Your odds of being temporarily or permanently disabled in a given year are 1 out of 8. Most of us would never think to drive without car insurance and yet your chance of being in a serious auto accident in a given year are 1 out of 70.

Based on statistics, if you plan for any disaster, it should be with disability insurance. The odds are higher that you'll need it.

In fact, statistics show that your chances of being disabled for 3 months or longer are much greater than your chances of dying prematurely! One reason for this is the success of the medical profession, which can now treat many conditions that would have been fatal in the past. In many cases, these new treatments will also mean a long convalescence period. Although it's good news that more people survive and even return to the working world after a serious illness or accident, it does mean that you have to plan for disability to be part of your working life.

So, what would happen if you did become disabled and couldnt work for days, months or even years? For anyone who is single, this would be a financial devastation. As a single person, you have no other means of support. If you are married, you may be able to get some support from your spouse, but would they be able to carry the full financial burden of the family alone? While you might think you work in a low risk job, you have to remember that illness can strike anyone and accidents can happen anywhere. For these reasons, if you or your family need your income in order to make ends meet, you should have disability insurance.

You may think that your financial needs could be adequately met through your disability coverage at work or through government programs like Social Security or Workers Compensation. However, you should really look at those assumptions and check what real coverage you have. In reality, only 50% of employers cover short-term disability, and only 40 % cover long-term. Further, it's getting harder and harder to qualify for government programs, as government money dries up and new rules make it tougher to get. Social security actually denies 50% of the claims that arrive in their offices. For that matter, keep in mind that workers compensation only applies to accidents or illness that occur because of the job and in the workplace. If you are hurt when you are not working, you won't qualify for this...

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