CJ Fox: Disability insurance and income protection is literally paycheck protection. In the event that you become too sick of injured to carry out the material and substantial duties of your occupation, you have an insurance that covers a portion of your income.
To put it this way, if I offered you two jobs, job A and job B. The first job says that, “I’ll pay you $100,000 a year and if you become too sick or injured to work, I’m not going to pay you anything. Or, I can pay you $97,000 a year, take $3,000 to cover disability policy and if you become too sick or injured to work, I’ll pay you about $60,000 a year tax free.”
Which job would you choose?