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Posted: 17 Feb '13

Is Disability Insurance A Waste Of Money?

Today you could find pages of statistics showing the risk of becoming disabled virus dying before age 65.  Statistics that show if you are disabled and the disability lasts over 90 days the average will be 5.2 years.

Yet every week I talk to someone who asks me, “is disability insurance worth having?”

So how do you decide if disability insurance is worth purchasing and paying premiums month after month?

Well all these statistics about disability insurance are important but really the most important statistic is your own situation.  If you’re self employed and own a business you don’t qualify for employment insurance.  So if you suffered a disability where would the money come from to live?

You could live on:

  • Savings
  • Your spouse’s income
  • Sell your assets
  • Borrow from the bank
  • Borrow from relatives

Really, none of these are real alternatives.  

Your two greatest assets in life are your health and your ability to earn an income.  When that stops because you lose your health and your income stops this is the worst situation you might find yourself in, in this world.  Think about it, how could any situation be worst then that.

The only solution is disability insurance.  

Disability insurance will provide that needed income at the worst time in your life.  So back to my opening statement is disability insurance a waste of money?  I don’t think so. 

Every self employed person should have disability insurance in an amount that they can afford today.  Then you increase the monthly benefit as your income goes up in the future.  The real question is not should I have it, the question should be how much can I get today.


About the Author - David Motkoski

David Motkoski—At the Helm of Vistaplan Financial Group

The team at Vistaplan is led by David Motkoski, a well-respected insurance adviser to hundreds of business and individual clients. David has 30+ years of experience in this industry helping clients understand their life and disability insurance, office overhead, critical illness, long term care, and accident insurance. David’s focus has been medical doctors, dentists and business owners who are concerned with having the right coverage to provide for their family or business and protecting their income

David is an independent broker offering policies with Manulife, ivari and RBC to name a few. Vistaplan Financial Group has clients dating back to 1983 and they stay loyal with David because of the strong relationships he builds.