Disability Insurance: If You Were Disabled Tomorrow, Could You Cover Your Living Expenses?

If you’re like most people, your single most valuable asset is your ability to earn an income. Not your home. Not your car. Not even your education, though that impacts your earning power. If you do the math, you’ll see that your potential earnings over your working life add up to more than the cost of any of those things, especially if you’re in your 20’s, 30’s or 40’s.

But while you are required to insure things like your home and your car, the importance of insuring your ability to generate income gets little or no attention. It should, if for no other reason than your earning power is what gives you the ability to pay for everything else.

Most People Think “Disability Won’t Happen to Me”

Most people, especially those in their 20’s and 30’s, think the chances that they could become disabled and unable to work are slim, and that if they are careful and avoid unnecessary risks, they should be OK. It’s only natural– we would all like to think we will be able to work as long as we would like in our chosen career if we’re cautious and take care of ourselves.

It is true that:

  • The Risk Is Different for Each Person

    The likelihood of disability is influenced by a number of factors, including the kind of work you do, where you live, the kinds of activities you engage in at and outside of work, and whether you are careful.

  • You Can Reduce Some of the Risk

    A disabling accident or illness is less likely if you make smart lifestyle choices, seek medical care regularly and when there are signs of a problem, and avoid unnecessary risks in general by thinking and planning ahead.

But that doesn’t mean disability won’t happen to you… not by a long shot.


of 20-year-olds will become disabled before they retire


of the private workforce has no long term disability insurance

What’s Your PDQ (Personal Disability Quotient)?

In your line of work and with your lifestyle, what are your  chances of not being able to earn an income?

It Can Happen to Anyone

Real Life Stories of People Who Have the Resources They Need Despite a Disability Because They Planned Ahead

Strong Survival Instincts and Smart Planning Save a Car Accident Victim

Bill Reid was 32 when a horrific car accident nearly claimed his life. He had to relearn how to walk and talk, and short-term memory loss has made it impossible for him to return to work. Fortunately, Bill had purchased individual disability insurance and had additional coverage through work, which has enabled him to maintain the same lifestyle he had before the accident. (4:08)

Disability Insurance Saves a New Home and a Young Couple from Disaster

Cindy and Matt Wrenn were days away from closing on their dream home when Cindy, just 28 years old, suffered a brain aneurysm and had a stroke during surgery. Thanks to disability insurance, they got their mortgage and didn’t have to worry about money during Cindy’s recovery. Today, Cindy is back at work, her health is good, and she and Matt are thrilled with their new home. (4:09)

Disability Can Happen at Any Age, and It Can Be Financially Devastating

The unfortunate reality is that smart, careful people from all walks of life and in all lines of work become disabled all the time, and the financial consequences can be disastrous if you don’t have North Carolina disability insurance to protect your earning power.

Without income, you have to find some other way to pay for your and your family’s expenses:

  • Mortgage

    or rent, to keep a roof over your head

  • Utilities

    electric, water, phone, sewer/trash

  • Necessities

    food, clothing, transportation

  • Healthcare

    insurance and uncovered costs

  • Debt Service

    credit card debt, car loan, student loans

Never mind saving for retirement or your children’s education– just having enough to live and eat becomes a challenge when you don’t have income. Just ask anyone who has been unemployed for any length of time.

Do Yourself (and Your Family) a Favor– Avoid the Mistakes Others Have Come to Regret:

  • Don’t Deny Reality

    Disability can happy to anyone, even you– don’t make the mistake of assuming you don’t need disability insurance. There are too many factors that are beyond your control; no one is immune from accidents and illnesses.

  • Don’t "Set it and Forget it"

    If you haven’t done a review of your needs and your coverage lately, it’s not only possible but likely your existing coverage may not be enough anymore. As your income increases, your disability insurance coverage should, too.

You Can Survive a Disability Even If You Can’t Earn a Paycheck… If  You Plan Ahead

Having good North Carolina disability insurance means never having to worry financially about not being able to work and earn a paycheck. It’s peace of mind that even if something terrible happens, you’ll have the means to survive.

Disability insurance is also often surprisingly affordable, especially for those who are younger and healthier. Many employers offer disability coverage, and you can supplement your employer’s coverage if it’s not enough.

All you have to do is plan ahead and make sure you’re covered in case disability happens to you.

Please contact us today– if not for yourself, then for your family’s sake– to make sure you have adequate protection to ensure you will have the resources you need if you become disabled. We offer North Carolina disability insurance from a variety of carriers, and we will be happy to help you find the right policy to protect your income in case the unthinkable happens to you.

Tools and Resources

How much disability insurance do I need?

What disability benefits does Social Security offer?

Find disability programs and services

ACLI Guide: About Disability Income Insurance

AHIP: Guide to Disability Insurance


FOX Business: Should You Get Disability Insurance?

May 9, 2013 – Personal finance expert Jordan Goodman weighs in on whether you should consider purchasing disability insurance, and offers advice on what policy options you should look for if you do. (3:42)

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