According to Council for Disability Awareness (CDA), two out of every three working Americans is without a policy that would replace or supplement their income – allowing them to address basic physical needs, including living expenses – if they had to miss work due to a covered disabling injury or illness.
Disability Insurance is extremely important but all too often overlooked. Many believe that they are covered under Social Security and while there is a coverage offered through Social Security, it’s generally not enough to offer sufficient protection. You never know when an injury or illness could occur but a solid policy could end up saving you from financial ruin.
Many find Disability insurance to be an unnecessary extra expense but this way of thinking couldn’t be more wrong. A disability can occur at any time and if it’s severe enough, it could prevent you from being able to work and provide for your family. Disability insurance can help provide the monthly income to pay for necessities like groceries, mortgage payments, and other monthly bills that will ensure that your household stays afloat in the event of a sudden crisis.
And that sudden crisis is a very real possibility. According to a study conducted by the American Council of Life Insurers, one third of Americans between the ages of 35 and 65 will become disabled for 90 days or more.
Buying an individual plan can be tricky. Just like Life insurance, prices will vary based on a host of factors including one’s age, gender, amount of coverage and health status. Even one’s occupation can raise your premiums and that’s not to mean that only high injury-risk jobs will be more expensive. For example, physicians and attorneys may carry a higher premium due to their job skills being much more specific than say a General Business Manager.
Don’t get caught in a bad situation without safeguards in place. We can help you navigate through the available options and pick the best plan that works with your budget and your needs.