You may have a variety of insurance policies designed to protect your different personal assets. One important insurance policy not to overlook is disability insurance. Unfortunately, there is a lot of misinformation about disability insurance that deters people from purchasing coverage.
When an injury or illness occur and prevent you from working, disability insurance provides you an income to protect you and your family from financial hardships that come with a disability. You can get short-term and long-term disability insurance. Short-term coverage covers you for a certain number of weeks or months after the illness or accident. Long-term coverage picks up after the short-term coverage ends and lasts up to age 67 or your social security normal retirement age.
Despite the importance of protecting one's income, many people have misconceptions that prevent them from getting disability insurance. Three of these are considered below.
Disabilities Don't Happen to Young and Healthy People
Everyone can suffer from accidents and a serious illness regardless of age. While young bodies are very robust, young people often up the ante by engaging in activities that stress the body more. Unlike a person about to enter retirement, the ability to work for an income is your primary and most important asset. This means it needs to be protected. The easiest time to obtain disability insurance is when you are young. It is also the time when it will be the least costly.
I Don't Have a Physically Demanding or High Risk Job
Even though you don't move pianos or wash skyscraper windows, injuries and illnesses still happen. If you spend a lot of time using a keyboard, carpal tunnel syndrome is a possibility. Writing and journalism aren't thought of as physically demanding jobs, yet carpal tunnel is a real possibility for these professionals. Cancer is a very common cause of disability claims that makes no distinction about its victims' work environment. Illnesses, both physical and mental, constitute a very large percentage of disability claims.
Social Security Will Suffice
Social security disability on average pays $1,200 per month for a qualifying disability. For most people, this is not enough to live on. Social security only covers total disability. Claims cannot be made for partial disability or short-term disability. Getting benefits is a difficult process that can take many months.
All of us rely on our income and it should be protected. Accidents and illnesses are a fact of life and disability insurance can provide security for you and your family when you need it the most.
Contact Brokerage Solutions Inc. to discuss disability insurance and you’re needs.