Disability Income Insurance Is Important at Any Age

Longtime Southern California executive Edgar Whitmore serves as a partner at Lenox Advisors, Inc. Edgar Whitmore has extensive knowledge in disability income insurance.

A serious injury or illness poses a significant threat to the financial security of families. Chronic conditions such as cancer, musculoskeletal disorders, and mental health issues are the most common causes of worker disability.

While many workers are reluctant to acquire disability income policies when they are young and in perfect health, illnesses and accidents impact people of all ages. One benefit in securing a disability income insurance plan when workers are young and healthy is that the premiums are relatively inexpensive.

Another reason that many workers delay in securing disability income insurance is that it is included in their company’s group plan. Unfortunately, such plans typically cover only a portion, usually 60 percent, of workers’ salary. These plans typically are not portable and do not protect against inflation.

One proven strategy is to maximize the available group coverage and then purchase supplemental individual coverage to address the shortfall.