MONEY MATTERS: One might assume that most serious disabilities result from a sudden, unlucky accident. Surprisingly, 90 percent of all disability claims are for common health conditions such as cancer and back problems.
Disability insurance replaces a portion of lost income, up to policy limits, if a debilitating injury or chronic illness prevents a breadwinner from working. This type of protection can provide a lifeline for people who may otherwise be unable to support their families, but it can be just as critical for older and/or affluent workers during their peak earning years.
- Written by Charles Sims Jr.