Too often, people are injured and find themselves without the security of a disability insurance policy to stabilize their financial situation. Many see disability insurance as just another unnecessary expense without realizing how the benefits can help them if the unthinkable happens.
A disabling illness or injury won’t leave some people won’t be as strapped as others if they cannot work, but no one wants their finances depleted, especially if it is avoidable.
Do you really need it?
Even seemingly minor ailments can lead to temporary or permanent disability. Without disability insurance, a disabling illness or injury can devastate your savings and your lifestyle.
According to the Associated Press, the monthly benefit for disabled workers and their families is $1,017, though this figure fluctuates slightly in other reports. If you become disabled, is that enough to cover your monthly expenses and maintain your standard of living?
If not, it’s imperative to protect yourself with a disability insurance policy. If you still think you don’t need it, here are a few things to consider:
- Age doesn’t matter – adults of all ages need to protect their incomes
- Those at the peak of their careers often have the most to lose
- It can happen to you – One in three women and one in four men will have a disability that keeps them out of work for 90+ days at some point during their working lifetime
For high earners like lawyers, medical professionals or athletes, an own-occupation rider is a must. The policy will allow you to pursue an alternate career while still collecting on monthly disability benefits. People who have spent considerable time and money on developing their skill set should do everything they can to protect their hard-earned income.
While a private individual disability insurance policy is your best option, there are alternatives if such a policy seems out of reach. An employer-sponsored group disability insurance plan will have more limitations and exclusions, but is a much better option than no disability insurance at all.
Need help navigating the waters? Talk with a trusted agent or a top insurance lawyer about disability insurance options.. Before signing anything, read the policy to make sure everything is correct. This may help prevent application mishaps and policy misunderstandings in advance.