According to the American Council of Life Insurers, nearly one-third of all Americans will suffer a serious disability between the ages of 35 and 65. And while Social Security is available for those with long-term disabilities, the coverage is minimal–certainly not enough for any extras like sending children to college. This means you need to have your own back-up plan in place. While a disability and its associated loss of income is certainly no fun, it doesn’t have to spell financial catastrophe.

Armchair Millionaire are testament to that:”I was on a short term disability at one time. The insurance payment helped out but did not cover the amount my salary did. You have to learn to budget your money and live within your budget. You may have to go without certain things, but you can survive.” –Dick B.”I was unable to work for a short time and my disability insurance really helped out.

MaryIt seems to be human nature to be in denial about the very real chance of an event–like a car accident–changing our lives forever. As a result, most of us are not as prepared as we should be when something really does happen. My checklist provides the basic steps you should take to stay dry on a rainy day.The Armchair Millionaire’s Checklist for Dealing with a Disability:Get help from an insurance professional. The best insurance agents will act as a consultant to you, helping you to evaluate your insurance needs and periodically reviewing your coverage as your needs change.

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