Before Disability Occurs
Disability comes in many forms. It can result from physical or developmental incapacitation. While a disability can be present from birth, more often it arises over time or occurs catastrophically due to accident or illness. It can result simply from the process of aging. It can affect anyone at any age. Prolonged disability occurs much more frequently than anyone would ever think.
No matter how disability occurs, it most often presents itself as a sudden, unexpected incapacitation bringing with it changed lifestyles, emotional stress and most often financial hardship.
Generally, individuals don’t understand the risks. Most of us figure we’re somewhat invincible. Speak to those that have experienced the sudden occurrence of disability and they will advocate otherwise.
Statistically, the numbers are shocking. At age 30 there is a 42% average likelihood that you will have a disability lasting at least 90 days before age 65; and this disability on average will last 2.7 years. At age 40 the average only drops to 37% while the average duration grows to 3.3 years. Few individuals adequately protect themselves against this risk. Most will insure their cars, their homes and even their lives but when the odds say that there is greater than a 40% chance that someone age 30 could lose all of the working income potential for the rest of his working life few look at insuring this risk beyond what they might have from group insurance plans at their work.
While much of the “Disability” section of our Web Site deals with financial planning and strategies for those who are dealing with a long term disability, this section deals with risk prevention strategies (disability insurance, critical illness insurance) that can and should be put in place to provide for financial security before long term disability occurs.
We encourage you to read some of the case studies in our Library as they clearly demonstrate the need and then read on to understand how Transitions Wealth Strategies would go about protecting you from these risks.
