3 Reasons You Need Disability Insurance

Insurance is often the only source of security we have in the face of unforeseeable tragedy. Yet, it is so easy to neglect so long as there are no immediate repercussions. When we fail to attain coverage, there is no negative consequence forcing us to think otherwise, until it’s too late anyway. The only time we are ever truly exposed to the harsh reality of experiencing some tragedy or another without insurance, is when it has already happened. In fact, in no facet of the insurance industry is this more clear than in disability insurance.

Disability insurance protects your paycheck. This way, if an injury occurs, you are not forced to cover your own medical expenses while simultaneously losing your (potential) only source of income. Most individuals have not had the opportunity to shelf enough savings in order to cover an extended period of time with rising costs and without income, so it is understandable in the very nature of disability insurance why it’s of the utmost significance. That said, there are still fictional myths surrounding disability insurance that influence some men and women to make the wrong decisions. For instance, some tend to think:

“I’m young, healthy, and fit. I do not have an expansive history of illness, so I do not need disability insurance.”

Even in the event that you are young and healthy, and have generally remained healthy throughout your young life, that does not preclude you from accident. Actually, a Life Happens survey concluded that workers have a 30% chance of experiencing an injury that will keep them out for 90 or more days at some point throughout their career.

“I have government benefits.”

Although government benefits are certainly very helpful, the fact is that they do not cover injuries that occur outside of the workplace. Thus, Workers Compensation does not insure a very large portion of potential accidents. Even if you’re relying on Social Security benefits, you will still only receive about 1,100$ every month, which essentially means you would be living on par with the current poverty level.

My employer offers disability coverage.”

While this may be the case, the truth is that the vast majority of employers fail to provide disability coverage. In fact, as much as 70% of private businesses do not offer long-term disability insurance. So, even if you believe this may be the case, it would behoove you to at the very least clarify with your company’s HR department, and to do so before an accident takes place.

In order to secure your future in the face of uncertainty, disability insurance is not only recommended, it’s necessary. Take control of your paycheck, and enroll in a disability coverage plan today. As always, please do not hesitate to reach out should you have questions, concerns, or comments. Just pay a visit to my contact page.