Imagine this uncommon scenario. Someone voluntarily leaves their job. They have enough saved up to live comfortably while they spend 6-12 months spending more time with family, catching up on household maintenance, etc. They are offered jobs by friends and colleagues but not ready to go back to work yet.
However, during this 6-12 months, if they experienced some form of catastrophic injury, it would be horrible because they couldn't go back to work after they were done with their personal items.
Local insurance agents claim that disability insurance isn't possible. Since there's currently no income, there's no "loss of income" to protect, and the candidate wouldn't be eligible for coverage.
If this is in fact true, then to me, this seems like an absurd chicken-and-egg problem within the insurance industry. You need income to qualify for disability insurance. But if you have income, chances are high that it's because you have a job whose employer provides you with a disability policy.
How does someone taking voluntary unemployment for a relatively short period of time get themselves set up with insurance protection so that, should a catastrophic injury happen, they are given income for the remainder of what would have been their working years?
However, during this 6-12 months, if they experienced some form of catastrophic injury, it would be horrible because they couldn't go back to work after they were done with their personal items.
Local insurance agents claim that disability insurance isn't possible. Since there's currently no income, there's no "loss of income" to protect, and the candidate wouldn't be eligible for coverage.
If this is in fact true, then to me, this seems like an absurd chicken-and-egg problem within the insurance industry. You need income to qualify for disability insurance. But if you have income, chances are high that it's because you have a job whose employer provides you with a disability policy.
How does someone taking voluntary unemployment for a relatively short period of time get themselves set up with insurance protection so that, should a catastrophic injury happen, they are given income for the remainder of what would have been their working years?