Is disability insurance worth the investment?

I have the option of signing up for long-term disability insurance through my place of employment. When I was young and single, I really never considered insurance much. However, now that this once wild stallion has been domesticated into family life, it seems that there are other concerns that need to be met, such as ensuring continued support for my family in the event that something should happen. I still think insurance is a scam, but apparently a necessary evil these days. For those of you who question my willingness to label insurance as a scam and necessary evil, I recall first hand the dilemma my mother had after a severe accident. Despite having paid her premiums on time and being declared as disabled after the accident, the insurance company did everything it could to weasel out of paying her the premium. She had to get a lawyer and fight it in court, eventually winning, but not without legal costs. Hence, my view of insurance companies.

Public Comments

1. insurance is always a gamble. If you are pron to getting your self hurt , It would most likely be a good investment..
2. Hi, I think you should definately take it. If you were out of work and you fell and broke a leg for example. YOu would be compensated for loss of work and the doctors bills would be taken care off. I had it for 7 years and never used it. But...you never know. anyhow good luck in your decision sue:)
3. Ask someone who is disabled!! Your family will pay if you dont take the necessary steps. You try and think of what type of world it would be without insurance, before you call it evil and a scam!
4. Just ask yourself where the money would come from if ....... I had a terrible car accident My house burned down I get cancer I have a back injury and can't work I die I guess you are right.... Insurance is a scam. CTU, you are 5 times more likely to need disability benefits than death benefits. Even if you have a life policy, the insurance company may NOT pay out an accelerated death benefit to help with the a loss of income. Consider someone in an accident that becomes disabled (can no longer work due to head injury) and still has a long life expectancy. Would a term policy pay? A complete financial plan needs to address both death and disability. Anything less is just rolling the dice.
5. Yes.
6. Yes, it is priority in financial planning to get disability insurance and make sure that the benefits are enough to support you and your family in case of disability. Check with financial planner and he well make you good plan.
7. The vast majority that have financial setbacks and do not succeed financially are a result of some catastrophe or setback. Most of these issues could have been (and should have been) insured. Just factor it in as the "cost of doing business." Buy it, even if it's only a small or partial policy.
8. Its not worth getting a disability insurance. The chance of you becoming disabled is very low. If you have life insurance and you become disabled for whatever reason, you can use some of the death benefit to pay off your bills (but you usually have to wait 6 months before you get the money)