Disability insurance is an essential safeguard for anyone's financial health, designed to provide income in the event that a person is unable to work due to a disability. Notably, "own occupation" disability insurance is a critical option for professionals, ensuring they receive benefits if they're unable to perform in their specific field, even if they might work in another capacity. Surprisingly, a significant number of disabilities are caused by illnesses like heart disease and diabetes, which can be related to high cholesterol—a factor many do not associate with disability. In fact, according to the Social Security Administration, 1 in 4 of today’s 20-year-olds will become disabled before reaching retirement age, highlighting the importance of disability insurance.
Choosing the right disability insurance is crucial, particularly for individuals in specialized professions. "Own occupation" disability insurance stands out because it considers you disabled if you are unable to perform the duties of your specific occupation. This is in contrast to "any occupation" disability insurance, which only pays out if you're unable to perform any job. This distinction is critical, especially for high-skill professionals whose expertise cannot easily be transferred to another field without significant financial loss.
One often overlooked aspect of disability risk assessment is the role of chronic conditions like high cholesterol. High cholesterol has been linked to increased risks of stroke and heart disease, which are leading causes of disability. Angelyn, a financial advisor with over 20 years of experience, emphasizes, “Many clients are surprised to learn that conditions like high cholesterol can significantly impact their eligibility and rates for disability insurance.” She advises regular health screenings and proactive healthcare management as part of a comprehensive strategy to maintain eligibility and secure affordable rates.
When considering disability insurance, it's essential to look at the bigger picture. Beyond just protecting against the loss of income, it's about ensuring a quality of life and safeguarding your and your family's future. For professionals, particularly those in fields requiring specialized skills or facing high risks of physical injury, "own occupation" disability insurance is a prudent choice. As the landscape of health and disability evolves, staying informed and making educated decisions about disability insurance can make all the difference in securing your financial future.
