Anyone who DEPENDS ON A PAYCHECK can potentially benefit from disability insurance. Those words “depends on a paycheck” are key. Some people get a paycheck but don’t depend on it because they are independently wealthy or they have passive income streams, such as rental units. Others get a paycheck but don’t depend on it because they live with their parents. Both of these groups are not strong candidates for disability insurance.
On the other end of the spectrum, there are people who depend on their paychecks, but they don’t earn very much and have no budget. These people are also not good disability insurance prospects.Read More