Three Reasons Why You Should Have Disability Insurance
If asked, most people have a difficult time explaining exactly what disability insurance is. It is actually not really difficult to define: Your paycheck is protected by disability insurance.
If you have become ill or have been injured, a portion of your salary is paid by disability insurance until you are able to return to work. A survey by Life Happens found that most people would not be able to make it through a month without their paycheck before financial difficulties started to set. So, the importance of disability insurance is easy to see.
You may be thinking that this is fine and dandy, however “this is why I do not need it:”
1. I am healthy and young I will never go through a disability.
Fact: According to a Life Happens survey, there is actually a three out of ten possibility of you suffering disability which will keep you out of work for at least ninety days, if not more during some point of your career. You can never be certain about which side of that statistic you will find yourself on.
2. I am able to rely on government benefits.
Fact: Most long-term disabilities are due to an illness or injury which is not work-related, thereto you would not qualify to receive Workers Compensation. And, if what you are counting on is Social Security benefits, on average what those pay a month is $1,100, this would have you living pretty close to the poverty level.
3. I receive disability coverage through my job.
Fact: Sure this may be true, however it is most likely that you do not. According to the U.S. Department of labor, most private employers, about 70% to be more precise, do not offer long-term disability insurance.
This is the bottom line, if you work and depend on your paycheck, than disability insurance is a must. So what would be the next step? Here is what our must do:
Look into the disability insurance cover that you work offers, is it long-term, short term, both, or none at all? You can speak with the HR department about the subject.
Make sure that you are certain about the exact amount of coverage you require, this can be done easily with the use of the Disability Insurance Need Calculator that can be found online. Remember, you may receive coverage from your employer as a benefit, this however does not mean that it is enough.
To fill in any gaps you may have and guarantee that if something was to go wrong, you will be taken care of, get an individual disability insurance policy. An insurance agent will be happy to sit with you at no cost and assist you in finding the policy that will best fit your needs as well as your budget. Call us today for a FREE quote at (425) 246-4222.