Life insurance or Disability insurance ?

musicgold

Hi all,

I read the following sentence in a book: Statistically, you're more likely to be disabled than to die prematurely.

That makes me think that I really need disability insurance than life insurance. I am in my mid - 30s and have term life insurance.

What do you think about my view?

Thanks,

MG.

dunstonh

You are more likely to die before retirement than suffer a disability.

stephenni1971

I read the following sentence in a book: Statistically, you're more likely to be disabled than to die prematurely.

That may well be true, but what cover you need depends on your personal circumstances.

That makes me think that I really need disability insurance than life insurance. I am in my mid - 30s and have term life insurance.

What do you think about my view?

Absolutely, completely and utterly impossible for anyone to say.

Are you married, single, have assets, benefits from your employer???

Do you want Critical Illness Cover ( giving 1 lump sum )?

Do you want Income protection Cover ( giving regular monthly income from qualifying through to end of insurance term)

Even then no-one here is going to be able to give you an answer - find a reputable IFA ( try asking a few friends for recommendations ) and sit down for a chat...

dunstonh

Just adding to my post above and following on from stephenni, last time I saw the stats it was 1 in 5 men will die before retirement and 1 in 6 will suffer a claimable critical illness event. Disability only was something in the mid teens. I have 1 in 16 in my head but cant be sure.

TEDDYRUKSPIN

dunstonh wrote: »

Just adding to my post above and following on from stephenni, last time I saw the stats it was 1 in 5 men will die before retirement and 1 in 6 will suffer a claimable critical illness event. Disability only was something in the mid teens. I have 1 in 16 in my head but cant be sure.

I remember seeing some funny poster which some none named company was using. They had all the stats on the likelihood of events happening. At the top right was a nice skull stating you will die one day. LOL.

Stop reading books! The correct questions you should ask yourself is what worries you the most? Not what a stupid book says. People are actually surviving longer due to advancements in medicine.

As for Dunstonh. Did you know that the 1 in 5 statistics regarding death, are connected to the people in the following jobs - police force, doctors, professors! Strange but statistically true! Most of them die upon retirement or before they hit 60. Mostly due to heart disease, aneurisms etc. I did'nt believe this at first but when I was processing insurance claims along time ago, most of these people were the above. SCARY.

No one can predict the future. If you could I would have been that spanish guy winning the euro lottery and no longer typing on this forum. I would be sitting off in the maldives on nice sand and swimming in that fantastic hot sea.

PS. Ask yourself the questions! You will be amazed what you fear the most.

dunstonh

As for Dunstonh. Did you know that the 1 in 5 statistics regarding death, are connected to the people in the following jobs - police force, doctors, professors! Strange but statistically true! Most of them die upon retirement or before they hit 60. Mostly due to heart disease, aneurisms etc. I did'nt believe this at first but when I was processing insurance claims along time ago, most of these people were the above. SCARY.

I knew police had a short life expectency. Just 2 years after retirement. I remember being told that shift workers are signficantly higher risk as well.