Disabilities occur every day in America. Besides the occasional accident or injury, most result from prolonged illnesses that prevent individuals from performing their occupations, often while under the care of a physician. This can lead to a complete loss of income or a reduction of 15 to 20% of their prior earnings.

A recent study found that medical bills cause 62% of bankruptcies in the US. It went on to say that 75% of Chapter 7 bankruptcy filers in the US cited medical expenses as the primary reason for their bankruptcy.

These medical bills are directly tied to the client’s future standard of living. Without a clear, defined, and guaranteed source of income, the client’s future financial stability is jeopardized. In this situation, some form of income replacement, such as disability income insurance, is necessary.

Let me share my story.

I have been active in the DI space since 1981. DI is and should always be the cornerstone of any long-term financial strategy. I even purchased my first policy when I was 20 years old. Throughout my 45-plus career, I was blessed to only use short-term benefits provided by the company to fill the gap until I was able to retain full employment. 

My wife and I did some planning and concluded that I would retire at age 70 ½. However, at the age of sixty-eight, with 2 ½ years until official retirement, I was diagnosed with stage 4 incurable lung cancer that metastasized to my bones and brain. As a result, I was considered totally disabled and unable to work as I had hoped. It was agreed that I would retire early and submit for my long-term benefits from my employer.

I will receive benefits through 2026; when combined with my retirement and Social Security benefits, my wife and I are financially secure.

Would I prefer to be healthy and fully engaged in my work? – YES. However, given my income replacement, I am grateful for the protection that everyone should have when they need it most.