Do you have disability insurance? Many of us don’t. A recent survey by the Consumer Federation of America found that 82 percent of us do not have adequate long-term disability insurance, and one-third said that their families could live for no more than three months on their savings in the event of a disability. The nonprofit LIFE Foundation has compiled a list of common excuses people use for not buying disability insurance. Here’s a summary of their explanations on why it’s important to have coverage. - “I am in good health; I won’t become disabled” —- The odds may surprise you. The foundation points to census figures showing that nearly one in five Americans become disabled for a year or more before age 65. And an illness or accident can be very costly because medical bills must be covered on top of your regular expenses. - “I’m not in a dangerous line of work” —- Many people assume that disabilities are caused by freak accidents, but the foundation cites a National Institute on Disability and Rehabilitation Research report that states that only 13 percent of disabilities are a result of injury. The vast majority of long-term absences are actually due to illnesses. Read the full text here.

What is the least expensive disability insurance? Is it the one with the lowest price? Or maybe is it the one that will pay the most in the most possible situations? If you pay $1000 per year for a plan that may not pay in as many circumstances as one that costs $1500 per year but pays in more situations which is the “least expensive” disability insurance policy. If you’re disabled and are receiving $5000 per month in benefits and would have received nothing from the policy that cost $500 less per month which really was less expensive. This is not an unreal comparison. There are differences in definition and “gray areas” among disability policies. The experts at protectyourincome.com a leading disabilty insurance site can help you sort through the best disability insurance and thus the least expensive.