money guidance and how to get rich_26

_{It sure is. Disability insurance provides an income if you become…}

_{you guessed it, disabled. According to some reports, nearly half of}

_{all mortgage foreclosures are due to disability. Are most people taking}

_{steps to prevent this? Nope — less than 15% of life insurance purchasers}

_{opt for disability insurance.}

_{Think of it this way: If you're 35 years old, earning $50,000 per year,}

_{and become disabled for the rest of your life, you'll be losing roughly}

_{$1.5 million in income from age 35 to 65. Disability insurance serves to}

_{help make up for that loss. (Being disabled from age 35 to 65 will also}

_{mean that you'll miss out on something like 7,500 or more hours of of-}

_{fice meetings, too. Unfortunately, insurance can't make up for this. Sorry.)}

_{We often worry about and plan for death, but we tend to give little}

_{thought to the possibility of an extended period of disability. If you}

_{make your living as a chimney sweep and you suffer a bad wrist break,}

_{you'll likely be unable to work for quite a while. Here's where disability}

_{insurance would kick in, protecting you from that loss of income.}

_{Depending on the kind of coverage you have, disability insurance}

_{might pay you a fraction of your salary while you're disabled, or}

_{your entire salary. It might continue until you reach retirement age,}

_{by their employers. Check and see what coverage your company}

_{offers you, and evaluate whether it's good enough. You may}

_{want to purchase additional coverage, either through your employer}

_{or separately.}

_{Disability insurance can seem expensive, but that's largely because}

_{there's a high probability you will use it. Many people become temporarily}

_{incapacitated at some point in the course of their lives.}