what is disability insurance? should i buy it?

a guy came to our company today and talked about disability insurance, but i'm in good health and athletic. should i have it?

Public Comments

1. If you can afford it, yes, especially if you do a lot of sports, but it is very expensive. Better to be debt-free and own your home debt-free first.
2. Disability insurance is in case you are in a car wreck and become disabled as a result of it or are in some kind of accident and lose your eyesight, your hearing, a finger, an arm, use of one leg, get the picture? It's a chance you take... Who knows if that would ever happen to you? You would only get paid out a lump sum based on your premiums, they wouldn't pay you every month or anything like that. You could probably get Social Disability if you were out of work from something like the above, I don't think I would pay for that. Rather take out life insurance so that your bills are all covered if you die suddenly.
3. How old are you, and do you have any dependents? If you're single, no kids, and in your 20's, there really isn't a need.
4. If you were hurt and couldn't work, could you pay your bills? If it went on for three months? Or two years? Most people think that they'd just get social security disability if that happened to them. But the truth is, it's difficult to qualify for social security disability and, even if you do, it takes approximately two years to do so on average. Disability insurance is designed to replace your income if you got hurt and couldn't work. Typically, it will replace up to 60% of your income (based on what you reported to the IRS in the previous year.) Some is designed to pay a base amount (which won't go away even if you did become eligible for social security disability) plus a benefit that would go away if you became eligible for social security disability. If you're young and healthy, I suspect you'll find that the coverage is relatively inexpensive as long as you take a 90-120 day elimination period (meaning that you'd have to be unable to work for at least three months before the coverage would kick in.)
5. Disability insurance, often called disability income insurance, is a form of insurance that insures the beneficiary's earned income against the risk that disability will make working (and therefore earning) impossible. In other words, it answers the question, "How would I pay for my living expenses if I became unable to work?" I suggest tto buy a disability coverage. Nobody know when you need it.
6. While only people with dependents need life insurance, almost everyone needs disability insurance. If you are single and die then life insurance is not that important, but if you are single and get hurt who is going to pay the bills?