And why they might want to think again.
It's easy to assume a disabling event won't happen to you, particularly if you're early in your career. But accidents such as falling down the stairs or slipping on the ice – or health events such as a heart attack or stroke – could make it impossible for you to work for a while.
Ongoing disability and medical bills can exceed your savings. And Social Security may deny a disability application at first. If either of those occurs, disability income insurance can help tide you over while you wait to qualify for Social Security benefits.
Some new contracts guarantee level premiums, which means young and healthy people can lock in a low rate. You can also buy disability income insurance that covers being out of work for a year or two, which would likely cost less than a contract protecting you all the way to retirement.
Solution: Individual disability income insurance contract.
The contract will follow Ben as he changes jobs throughout his career.
Solution: A disability income insurance contract that includes stay-at-home spouse coverage.
Solution: A disability income insurance contract covering a short period and costing approximately $25 to $35 per month.
This provides protection until the new company is up and running.
— RATING FROM A.M. BEST, INDEPENDENT INSURANCE RATING AGENCY1
You can't necessarily call unexpected expenses "unexpected." They arise for all of us. If you're not prepared for such pitfalls, they can quickly derail your financial life. Having an emergency fund in place can provide valuable protection.
Change is inevitable. When it happens, life's big events – the celebrations and the disappointments – may be ideal times to consider if the life insurance you have is what you want. And what you need.
Your insurance strategy can help provide protection and flexibility for you and your family. In particular, cash value life insurance can provide a range of options. And getting cash out of your life insurance may be easier than you think.
1 Ratings based on Thrivent's financial strength and claims-paying ability. Do not apply to investment product performance. The rating also refers only to the overall financial status of the company and is not a recommendation of the specific policy provisions, rates or practices of the insurance company.
This is a solicitation for insurance. A Thrivent Financial professional may contact you. Thrivent Financial professionals are licensed insurance agents/producers.