3 Not-So-Obvious Reasons to Buy Disability Insurance

What do you do for a living?

Working in the financial industry and specifically the insurance and investment sectors over the years has given me the opportunity to work with people from all walks of life. Blue collars. White collars. Business owners. Families who pass down companies throughout the generations.

And I love it all! There are so many great careers out there; so many unique jobs people have these days.

So you can imagine how much it stings when I hear about families who lose huge amounts of money because they don’t have disability insurance.

Make no mistake – it’s not for everyone. Part of my initial meetings with clients is to ensure they actually need what they’re purchasing. Disability insurance can be a key component to the longterm financial health of your job, your livelihood, and your family.

Ask yourself:

• What if you couldn’t work because of an illness or an accident?
• How would your finances hold up if you were kept on the sidelines?
• What contingency plan do you have in place to protect your income and your future?

So with that in mind, we can probably agree that in many cases it pays (literally) to have disability insurance.

What are some not-so-obvious cases?

1. Following Your Dream Job

Remember above when i mentioned unique jobs? Well, I meant it. People living and working in the lower mainland and all of Canada are finding creative new ways to pursue their passion. Technical startups. Online businesses. Jobs that happen far from the hustle and bustle of an office. 

Work in fields that’s not traditionally covered by typical insurance packages can be a huge risk. This risk forces people to think twice about working in a field in which they’re supremely passionate.

So ask yourself: wouldn’t you rather be happy at your job in the longrun? Sure you would, who wouldn’t? Disability insurance could be the safety net you need to truly take the plunge.

2. Recurring Illness

Most employers will carry benefit packages that cover employees in the event they fall ill. Major diseases such as cancer, stroke, heart disease, and so on will trigger clauses that ensure an employee and his or her family has their major expenses taken care of.

We’re all aware of life insurance as well, but what about recurring bouts of illness?

Never before has the workforce encouraged higher awareness of mental illnesses or illnesses that don’t fall under the traditional scope of employee benefits. So whether you’re working as an employee with a recurring illness that isn’t covered or as a contractor who needs a unique set of parameters, disability insurance can be the answer you need to feel secure when you’re at work and when you’re not.

3. Sudden Business Overhead Expenses

The great thing – well, maybe great isn’t the right word – but one of the important aspects of disability insurance is it doesn’t necessarily stop with people. For example, say an illness or accident prevented you from attending to your business – the lease payment, utilities, insurance premiums, taxes, and so on. Disability insurance is covering you and your livelihood, so it makes sense that your primary source of income is ready and waiting when you’re ready to return.

Cool, right?

Look, disability insurance is a touchy subject because no one wants to imagine the worst happening. However, like all levels of insurance, ignoring the possibilities won’t prevent them from happening.

Think you might benefit from disability insurance? Give me a call!

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This post was written by Marco Faccone