Insurance, Risk Management & Hedge Funds (Documentary)

This is fourth of five part story of Western Finance system. Invention of Insurance, Risk Management and Hedging businesses is narrated by learned Harvard Professor and Historian.

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The Logic Of Disability Insurance

It is difficult to imagine yourself as having an illness or having suffered an injury to the point to where you are unable to work and earn an income. We are all conditioned to believe that everything will always continue just as it did before with no change. This mentality can lead to the financial downfall of many people, because then they are not prepared for emergencies, or situations that hit them out of the blue.

People don’t realize that the incidence of disability to the extent just mentioned, is five times greater that the incidence of people having a fire in their home. One reason for that is because a fire is so much more visible and dramatic than a neighbor becoming disabled, and we really don’t think too much about these kinds of things – until they happen to us.

What we are really talking about here, when we talk about high income disability insurance, is the protection of a stream of income that will cease, if a disability lasts long enough, usually about a month to three months. How long could you last with no income? When would the auto dealer come and repossess your car? How long would the mortgage company wait for you to pay your house payment, before they foreclosed on your house?

This is the real issue, and it is a real risk. Most people who have their health insurance through their employer also have disability insurance coverage through their group health plan. However, with the advent of Obamacare, many employers are dropping coverage and pushing their employees toward the exchange that will be handling the government insurance. This, of course eliminates the person’s disability coverage, so in order to purchase it, he or she will have to buy directly from an insurance company.