Disability Insurance Is Vitally Important
We have gathered information to help you look at your risk of income interruption and the value of disability insurance.
Purchasing disability insurance is insuring yourself: your experience, skills, and ability to work normally. Ultimately, having disability insurance is having protection for yourself and your family; it can mean the difference between surviving financially or facing an imminent catastrophe.
While the detailed information for each policy will vary, understanding the importance will help you make the best decision for yourself and your family financially.
How would you / your family survive financially if you were unable to work for one week? What about a month or more? A harsh reality is that most American’s are living paycheck to paycheck; having a savings of more than a few months of salary set aside takes time to build.
What disability insurance does is replace some of your income so that you can still pay your bills monthly. Disability insurance may even pay a portion of your income if you are only able to return to work part time as well.
Your initial thought may be “I’m healthy. I’ll be careful and not get disabled so I don’t need disability insurance coverage.” However, think about this statistic from the Social Security Administration: 25 percent of today’s 20-year-olds will become disabled before the age of 67. A disability may not be the result of a major, once-in-a-lifetime accident or injury. For most people, disabilities find a way to slowly sneak into their lives by hiding through common health conditions.
To help drive that point further home: last year the Council for Disability Awareness did a study asking people under the age of 40 to guess their likelihood of becoming unable to work due to illness or injury. In this study, 10 percent of workers stated that they were more likely to win the lottery than be unable to work due to illness or injury.
In reality, there is a 1 in 259,000,000 chance of winning the lottery jackpot and a 1 in 4 chance that you may be disabled during your career.
You read that correctly: a 1 in 4 chance.
After the likelihood of becoming disabled during your career sets in, the value of having disability insurance becomes even more evident. Protect the financial future of yourself and your family with disability insurance.
Please consider talking to an agent from the BeneChoice Companies today.