COLORADO SPRINGS — It's something many of us think we'll never need - disability insurance.
However, as our partner at Carlson Financial explained having that extra protection during an injury or illness might just save you from financial ruin.
Carl Carlson, CEO of Carlson Financial, said, "Social Security administration says 1 in 4 people will be disabled during their lifetime."
It's an alarming stat and something Carlson wants people to take seriously.
"You can be sick for a long-term. You can break an arm, break a leg, break your back, your neck."
It can be any number of things that can keep you from being able to work and if you don't have disability insurance Carlson said, "It can be just a devastating thing."
Without it - your income is at stake.
"I've seen people that don't have it and it becomes a very difficult situation when they don't have the insurance, and they can't work and they can't pay the bills."
Carlson's advice - spend the extra money for protection and some peace of mind. When deciding to sign up for disability insurance he said you should consider "what percentage of my income will they pay me? Might be somewhere between 40% and 60% and then is there a cap on it? And if I get it will they then subtract disability from social security?"
Carlson said some different options for disability insurance include short-term (which last a few months) and long-term (lasts as long as you're disabled or until you're 65 years old). If your employer doesn't offer disability insurance call an insurance company or a broker.
Carlson Financial is a sponsor of Financial Focus.