“If you were to become sick or injured and couldn’t work, how would you pay your bills?”
The most trusted financial advisors have been asking their clients that question for decades.
Even the loss of one income can put the household into financial crisis. Other considerations come into play. When one spouse or partner becomes disabled, it makes it difficult for the healthy spouse to work a full schedule given his or her responsibility to provide care, transportation to medical appointments, child care, and handle other special needs that arise. And additional expenses may be incurred to hire the necessary extra help.
A final factor to consider is when the family depends on two incomes, the risk of a disability-related income loss doubles: each partner has a disability risk, and it may take just one disability to decimate the family’s finances.