Disability Insurance for Adults Over 40

Disability Insurance for Adults in their 40s, 50s and 60s

Disability insurance pays a portion of your income if you can’t work for an extended period because of an illness or injury. It’s worth looking into if you rely on a paycheck for everyday and recurring expenses. Your income is your most valued asset. Where would you and your family be without your paycheck? In addition, a disability is a concern that increases with age. While rates may be higher than when younger, the financial impact of a disability later in life can be significant, especially with increasing healthcare costs and the potential for longer recovery times. 

It’s natural to think “it’s not going to be me,” but this can be a limited way of thinking. People may shrug off the risk by focusing on worst-case scenarios, such as spinal cord injuries leading to quadriplegia or accidents that result in amputation. But back injuries, cancer, heart attacks, diabetes, and other illnesses lead to most disability claims. As you age, the chances of a disability can increase.

Here’s why disability insurance remains important in your 40s, 50s, and 60s

  • Income Replacement. Disability insurance replaces a portion of your lost income, helping you maintain your lifestyle, pay bills, and cover expenses if you can’t work.
  • Financial Security. It helps you avoid depleting savings or going into debt if you experience a disability.
  • Maintaining Lifestyle. Disability insurance can help you afford necessities, healthcare costs, and even leisure activities, ensuring a more comfortable recovery.
  • Health Declines. The likelihood of developing a disabling condition increases as you age, making disability insurance a crucial safety net.
  • Longer Recovery Times. Older individuals may require more time to recover from illnesses or injuries, making long-term disability coverage particularly important. 

 Specific Considerations for Different Age Groups:

  • 40s. This is often a time when individuals have significant financial responsibilities, such as mortgages, family expenses, and retirement savings goals. Disability insurance can protect these assets and ensure financial stability.
  • 50s. As you approach retirement, disability insurance can help you maintain your savings and avoid having to delay retirement due to a disability.
  • 60s. While some may be nearing retirement, others may still be working or planning to work longer. Disability insurance can provide crucial income support during this period and help you transition into retirement smoothly. 

Disability insurance is a vital consideration at any age, but particularly important in your 40s, 50s, and 60s, as the risk of disability increases and the potential financial impact can be significant. 

Key Features of Sun Life’s Short-Term Disability Insurance Key Features of Sun Life’s Long-Term Disability Insurance

Footnotes, Additional Details & Disclaimers

Group life and disability insurance policies are underwritten by Sun Life and Health Insurance Company (U.S.) (Lansing, MI) under Policy Form Series 15-GP-01, 13-GP-LF-01, 13-LF-C-01, 12-GPPort-P-01, 13-LFPort-C-01, 15-LF-GP-01, 15-LF-C-01, 12-GPPort-P-01, 15-LFPort-C-01, 13-GP-LH-01, 13-ADD-C-01, 12-DI-C-01, 16-DI-C-01, 13-LTD-C-01, 13-STD-C-01, 06P-NY-DBL, 12-GPPort-01, and 12-STDPort-C-01.

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