If you are young and healthy, do you really need disability insurance? The answer in many cases is “Yes”. Almost no one plans on becoming disabled, but there are many causes for such, including: car accidents, slips, falls, sport injuries, job-related accidents, heart attacks or succumbing to a chronic or genetic disease.
The biggest roadblock to a purchase of disability is that many of us believe we are indestructible, or at least impervious to a total disability. We can ignore the problem, but it's hard to ignore the facts.
Disability is something many Americans, especially younger people, think can only affect the lives of other people. Tragically, thousands of young people are seriously injured or killed, often as the result of traumatic events. Many serious medical conditions, such as cancer or mental illness, can affect the young as well as the elderly. The sobering fact for 20-year-olds, is that more than 1-in-4 of them becomes disabled before reaching retirement age. (1)
The truth is that many of us lack acceptance and realization of our own morbidity. If you can’t imagine life without your normal income and really know the odds of becoming disabled, then disability insurance makes good sense.
You should consider the potential for a disability and the related financial risk to your family. You may be able to benefit from payment protection Creditor Disability Insurance.
(1) Source: https://www.ssa.gov/disabilityfacts/facts.html