But what would happen if you had a disabling accident or illness and could not work?
How would you...
When evaluating the chances of disability, you should carefully consider sources of available funds:
My employer covers me: How long would the business continue to pay you? How much would it pay you? When would your employer have to hire a replacement? Could the business afford to pay both?
I'll use my savings: If you saved 10% of your income each year, one year of total disability could wipe out 10 years of savings. Can you afford that?
I'll get a loan: Without an income, who will lend you money?
My spouse works: Can your spouse earn enough and be partner, parent, private nurse, and employee -all at the same time?
I'll sell my investments: Will a sale under forced conditions bring a true value? What will their value be at the time you are disabled?
I can collect Social Security: You cannot collect benefits until the end of the fifth full calendar month of total disability and only if it is expected to last 12 months or more. What will you do if your disability doesn't meet those requirements? Even if it does, can you wait six months for payment?
I'll count on family, friends, or charity: Would these sources have funds for you to use? Do you want to depend on them?
a plan for income replacement
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