Disability insurance can provide you with financial security by replacing a portion of your earnings when an accident or illness causes you to become disabled and unable to work or earn an income.
The chances of getting disabled are much higher that chances of death and if you multiply your current annual income by number of years you will get how much you would earn over your working period. Say a 35 year old person making $50,000 per annum would earn $ 1,500,000 till age 65 assuming no growth in income over the years. Isn’t this earning capacity worth insuring?
There are products that look at your income while issuing the policy and not at the time of claim but there are others that do want to see your income at the time of claim. The pricing and issue classes are different for these.
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