Is Disability Insurance Really Necessary?

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Is Disability Insurance Really Necessary?
Short Answer: YES, It Was For Me.
by Larry Laskin

As a young father of three and a sales representative with a glass company, my brother recommended that I purchase disability insurance to protect my family in the event I became disabled due to accident or sickness. He had an insurance agent friend of his call me and provide me with a quote. I remember thinking how expensive it was, and because I was in good physical health, I decided not to purchase it.

A few years later, my brother brought it up again and I bit the bullet and purchased a policy. The premiums were automatically drafted from my checking account and I hated to see that deduction because I thought it was a waste of money.

A year later, I began my career as an insurance agent. I had many friends that were in the property and casualty business that did not offer individual disability insurance and I began to receive referrals from them. I built my business around this type of insurance.

Is Disability Insurance Really Necessary? Eight years later, I drove to work one day and when I got out of my car, I began to experience severe back and leg pains. Over a period of a couple of months, the pain got progressively worse, even with physical therapy and narcotic drugs. It got so bad I could not sit or even sleep in a bed. I ended up missing work for six months.

I am so grateful that I had purchased sufficient disability insurance. It would have been extremely difficult financially without this protection. I could not imagine how people feel when they are disabled and have no income to pay the bills.

Am I glad now that I purchased disability insurance? Absolutely! Over the twelve years as a disability insurance specialist, I have seen many companies leave the business or change the definitions in their policies. One thing remains the same. The need for disability insurance is as great as ever.

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