Many know they need health insurance coverage, but few consider getting a disability policy. Disability insurance replaces your loss of income from when you are either permanently injured or unable to perform your own occupation. Your medical bills may be paid with savings, or retirement, but how long will that last?
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Unfortunately, many of us will need disability income protection some time before we die. One out of every three people will be incapacitated for 90 days or more before they reach age 65 according to the Life Insurance Marketing and Research Association.
Nearly half or all bankruptcies and foreclosures are caused by a sudden disability, which a policy would prevent.
