We are all told there are certain types of insurance we must have. In fact, some are required like auto and homeowners insurance. We have all heard about life insurance as well. But many of us have never heard of disability or income protections insurance. Depending on where you are in life, it may be the most important coverage you can buy.

If you are younger in your career, be aware that 1 out of 4 20 year olds will suffer a long term disability (longer than 90 days). The probability of being disabled is 3 time greater than that of dying prematurely.

If you do not have anyone except yourself depending on your income, you have a greater need for income protection than life insurance. If you are too sick or hurt to work, you have to protect yourself. Should you die, no one else is adversely affected financially.

As you get older, your financial obligations often grow to include a spouse and children and mortgages. In this stage of life, life insurance is hugely important to meet your obligations if you die. Pause for a moment to think what it is that lets you meet all your obligations should you live. It is your income – the base for everything you have. So while life insurance is very important, income protection is still essential.

People will ask us when they no longer need their disability income protection. Our answer is whenever you can afford to retire tomorrow, you no longer need it. If disabled, you are retired right then. So be sure you are adequately protecting your income, whatever stage of life you are in.