Would you insure a machine that prints money?

Tim Davis |

I recently went car shopping because I needed a more spacious, safe, and reliable vehicle to raise my family in. After about a month or two of research, I went with a Jeep Grand Cherokee. My wife also says that I look good driving it, so obviously that was the leading factor of the purchase.

One thing I do know is I have car insurance on that puppy because if something unexpected happens, it would be out of my pocket to pay for any damage. Thanks Allstate.

About 3 years ago, we purchased our first home. It was in a good neighborhood, nice area, and has really great schools. I’m STILL crossing off the endless list of projects, but hey, it is just an excuse to buy more tools at Home Depot am I right?

However, the potential out of pocket damage for my home due to something unexpected would be much more catastrophic than a car. Want to know what I also did the second we bought our house? Purchased home owner’s insurance. Thanks again Allstate.

A couple years ago, I decided to upgrade my old iPhone. The battery kept dying and the screen was cracked. With my brand-new shiny device, the young lady at Verizon recommended the insurance plan of $12/month, so if something happens to the phone, like a cracked screen (yes, it’s already cracked again) or if there’s any issues with the hardware, they would replace it at a fraction of the cost of a new phone. That seemed like a small price to pay. Okay sure, throw it onto my bill.

We all have things we insure that are valuable and could seriously upend our lives if that insurance wasn’t in place.

Here’s a scenario for you. Think about your monthly income and your regular paycheck. Instead of a direct deposit into your bank, you own a machine that actually spits out the money each month. Wouldn’t that be nice….

What happens if the machine breaks or stops working completely? Would you buy insurance on a machine that prints money? Who wouldn’t insure a money maker? Well think of that machine as you and me. We work to make money, but what if something happens unexpectedly and you can no longer work for a certain period of time? Are you insured in the event of a disability?

For the longest time I planned that I would go through life assuming that I would never become disabled. Here are some startling facts:

  • 1 in 4 of today’s 20-year-olds can expect to be out of work for more than a year.1
  • If you are under the age of 35, chances are 1 in 3 that you will become disabled for at least six months in the course of your career.2
  • Men have a 43% chance of becoming seriously disabled during their working years and women have a 54% chance.2
  • At age 42, it is four times more likely that you will become seriously disabled than that you will die during your working years.2

We insure our cars, homes, and electronic devices, but insuring our income takes the back burner. Most employers offer disability as part of your benefits; however, some don’t offer it and you could be exposed!

My goal in sharing this is to educate and to hopefully shed some light on how important it is to protect your income from the unexpected.


  1. Maleh & Bosley, Social Securities Administration, “Disability and Death Probability Tables For Insured Workers Born in 1997”, Oct 2017.
  2. “Why Disability” booklet, published by National Underwrite – Disability Facts & Statistics