You may have your reasons for not buying individual disability income (DI) insurance. But do you know the facts?
1. I can rely on my savings.
Fact: Even with saving 10% of your salary one year of disability could easily wipe out many years of savings.
2. I can always buy coverage later.
Fact: People usually don’t get healthier as they grow older, and coverage will cost more.
3. My family and friends will help me out.
Fact: Are your loved ones in a position to support you? Do you want them to?
4. I would have to be totally disabled to receive benefits.
Fact: There are ways to protect your income in the event of a partial disability.
5. I have coverage through my employer.
Fact: Group disability insurance typically covers 60% of gross income, and benefits are usually taxable. Can you afford more than a 40% pay cut?
6. I want a policy that keeps pace with my income — without medical underwriting.
Fact: Ohio National Life Insurance Company offers riders that allow you to increase your coverage without providing evidence of medical insurability.
7. My financial needs change so fast. What policy could keep up?
Fact: A Dl policy from Ohio National Life Insurance Company is flexible. You can change it as you need.
8. It costs too much.
Fact: The average annual cost is typically only 1% to 3% of what you earn.
9. It won’t happen to me — I expect to stay healthy.
Fact: During the course of your career, you are 3 times more likely to be injured and need disability coverage than you are to die prematurely.
10. Social Security will take care of me.
Fact: Social Security initially denies about 65% of all disability claims.
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