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Why it's time to start saying 'yes' to disability insurance

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Disability Insurance Awareness Month is almost over. Industry leaders are redoubling their efforts to get the attention of an important consumer group: workers under 40 years of age.


Younger workers are often oblivious to the dangers of working without long-term disability insurance.

Let's debunk the misconceptions that younger workers might have regarding disability insurance:

"I'm healthy and don't need disability insurance."

Council for Disability Awareness states: "Anyone who depends on a regular paycheck to meet their financial needs and obligations needs disability insurance."

"Disability insurance won't do anything for me that Social Security disability can't."

SSDI benefits currently average $1,171 per month, which is just above the 2017 federal poverty line.

The additional funds provided by disability insurance can protect:

  • Investments in training and education
  • Assets paid for with your income (home, car, groceries, etc.)
  • Dependents and their education
  • Retirement assets

"I'm wealthy and active."

It's true that your wealth can mitigate some of the financial risk of disability. It's also true that a cancer diagnosis or catastrophic accident can quickly deplete your funds. Disabling injuries and illnesses can happen to anyone, anywhere, at any time.

"Long-term disability insurance costs too much."

Studies have found providing employees with disability coverage costs 11 cents per hour of payroll. Healthy employees are surely worth 11 cents per hour.

Source: Council for Disability Awareness, "Disability Insurance Awareness Month 2017," May 2017

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