Most people recognize the benefits of having home and auto insurance to protect them against financial losses in the event of an accident or act of God. However, they are quick to overlook the importance of insuring themselves. At the end of the day, your body and mind are your most valuable assets. Material possessions are replaceable, and you can usually recover from any financial setback given enough time. On the other hand, your entire life could change if you suffer a long-term disability after falling off a ladder or contracting a serious illness. Disability insurance can help keep you out of financial trouble if you need to take time off from work due to the condition of your physical or mental health. You can contact Gainesville Financial Planner for more information about disability insurance and how it fits into your financial plans.
One of the reasons why people underestimate the importance of disability insurance may have to do with the inclination to think of disabilities as being long-term, physical handicaps. However, disabilities can also include mental health disorders and short-term physical injuries. You may be surprised by how common it is for a person to suffer a disability within their lifetime. Something as seemingly harmless as a fall while skiing can leave you confined to crutches for months. While this isn’t a huge problem if your job involves working at a desk for most of the day, it can affect your paycheck if you have a job that requires you to be on your feet and mobile. For some people, taking several weeks off from work can be financially devastating. Disability insurance ensures that your income will not take a hit in the event that you become temporarily disabled due to an injury, illness, or mental health issues.
Those with long-term disabilities may need ongoing treatment, therapy, or rehabilitation services, which can take up a significant amount of time and money. Additionally, in more severe cases, a caretaker or personal support worker may be required to help the individual with day-to-day self-care and home upkeep. Not all of these things will be covered by health insurance. Having disability insurance can help to reduce financial strain for both you and your family.
When things are going well, it is easy to take your mental and physical health for granted. Unfortunately, life can sometimes take an unexpected turn. Having adequate insurance coverage protects you from falling into a precarious financial position due to unanticipated events in your life. That is why we believe that insurance is a crucial component of any serious financial strategy.
Professional Financial Planner
At Gainesville Financial Planner, we offer a range of services to help our clients manage their wealth, protect their assets, and plan ahead for anything that life may throw their way. Whether you are looking for investment advice or need guidance on how to minimize your risks, give us a call and we’ll be happy to help.