Why Should I get Life and Disability Insurance?

Life and disability insurance can help out a great deal when unexpected things occur. Ensuring that your remaining family has resources available in the event of your passing is the primary purpose of life insurance. Disability insurance provides financial assistance if you are injured and unable to work. Whether you are married or single, with kids or without, life and disability insurance provide a financial safety net for those who are left to keep your affairs in order if you are unable.

As uncomfortable as it might be, you should make arrangements for your remaining family members to be financially sound upon your passing. Although they might be unable to live off the insurance payout for the rest of their lives, it does help with several expenses that they might find themselves facing. Life insurance provides your family members with a way to pay for your burial expenses, replace income lost from your passing and possibly pay off a mortgage. Some people even find it beneficial to invest some of the money to provide a college fund for surviving children.

Disability insurance provides a way for you and your family to still have income even if you become disabled and are not able to work. This insurance generally covers either 50 percent or 75 percent of your income, and because it usually is not taxed, you might be covered for roughly the amount you take home each month as income. Many employers offer disability insurance as part of their benefits package. If a plan is not offered by your employer, a policy can be purchased from insurance companies. When purchasing this insurance, it is important to find out when payouts begin, how long you are covered and other important information.

Many times, single people think that life and disability insurance is not something they should purchase. Even though they might not have children or a spouse to think about, they often have financial obligations that must be covered even if they cannot work or have passed away. Someone is still held responsible for these expenses, in addition to burial and other final expenses, so it generally is wise to purchase life and disability insurance. Disability insurance will help you meet financial obligations if you become disabled. A parent or other trusted loved one might be named as a beneficiary for life insurance policies and will then be able to handle all of your final expenses.