Disability insurance is more important than life insurance?

As life insurance Month approaches, we are reminded that one of the main functions of life insurance is replace lost income. But do not stop with just life insurance, it is a good time to evaluate all of your income replacement insurance needs.

Let me explain. What Is life insurance used? Income and asset protection. What is disability insurance used? Income and asset protection! When we really understand life and disability insurance, it is easy to see that there is very little difference between the two in terms of function. In both cases, the insured no longer produces income.

What is different is spending. Although there is usually final expenses related to death, costs of disability are persistent and significant, with the potential to last for years. According to the Council for Disability Awareness, the average length of a long-term disability is two years.

People who have become disabled and are no longer able to work still need to buy what they did before they still need to eat, sleep and shelter. In addition, they usually have ongoing medical problems that must be addressed. They may have special needs that require equipment or modernization of their homes and special automobile.

So I could argue that becoming disabled is much worse than dying in terms of financial turmoil.

As a counselor, when I deal with clients who seem to be interested in life insurance, I asked simply, "OK, I'd be happy to help you buy an insurance plan -life, but how you will continue to pay the premium if you become disabled? How will you continue to pay for your car insurance, health insurance and your home insurance? "My hope is that these customers will start thinking about the financial planning disability.

Learn more about the need for income protection insurance exploring www.protectyourpaycheck.org and www.disabilitycanhappen.org

But do not take away the great efforts that lIFE is to promote the importance of life insurance during the campaign that begins in two weeks. Instead, I remind you that both life insurance and disability insurance are important considerations for anyone who has financial responsibility for a family or a business.