Disability Insurance and Your Financial Future: A Perfect Pairing

According to the Social Security Administration, 25% of working Americans will be disabled before they reach the age of retirement. Are you prepared for that eventuality? What will your spouse do? What about your children? How will you pay your mortgage? What will happen to your quality of life?

There’s good news. Disability insurance provides you with the defense you need against the unexpected twists and turns that life can take.

With disability insurance, you have the means to meet your financial obligations even if you are disabled and unable to work. From childcare to your mortgage to buying groceries – disability insurance provides essential protection for you and your future.

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We’ve been helping people just like you save money while obtaining the security and protection they need. We work with you to compare costs, features and benefits of disability insurance policies from insurance companies you already know and trust. Get started today.

What’s Disability Insurance All About?

Disability insurance is a blanket term used to describe any type of insurance that is designed to pay out when you experience a disability and are unable to earn a paycheck. There are actually two types of disability insurance policies you should know about – long term disability insurance and short term disability insurance.

How Does Long Term Disability Insurance Work?

Long term disability insurance is designed for situations in which you will be disabled and out of work for at least several months. However, the period covered could be a full year, or even multiple years. You will receive a specified percentage of your average income, and that money can then be used to pay bills and maintain your quality of life. Note that some of the most common causes of long term disability in US workers include cancer and cardiovascular health.

How Does Short Term Disability Insurance Work?

Short term disability insurance is the opposite of long term disability insurance in virtually every way. This type of insurance policy is designed to pay out when you are out of work for a short duration, which is usually defined as between one month, and a full year. Note that these plans vary significantly from one insurance company to another, and you may be required to use up your sick time, personal time and vacation time prior to the insurance policy kicking in. Once it does, you will receive a specific percentage of your average income that can be used to pay your bills and maintain your quality of life.

What Benefits Can You Realize from Buying Disability Insurance for Individuals?

The single most important benefit of purchasing disability insurance, whether short term, long term, or both, is peace of mind. You can sleep easy knowing that whatever happens, whether you suffer an accident, an illness, or an injury, you have the means to maintain your quality of life and meet your financial obligations.

Both short and long term disability insurance will provide you with monthly income for the period of time specified in your policy. This money can be used for anything you need – pay your mortgage payment, pay for childcare, buy groceries, pay for utilities, pay your car loan, and more.

By ensuring that you have financial protection in the form of disability insurance for individuals, you avoid financial destitution. Frighteningly, the single most common cause for filing bankrupt in the US is because of mounting medical debt.

Don’t Become a Statistic

In 2016, over 2.3 million Americans sought financial help from Social Security. However, only 700,000 people were approved. That’s just 30% of those who needed help. What’s more, the Bureau of Labor Statistics shows that only one-third of American workers have any form of disability insurance protection at all. This is a recipe for disaster, and one that too many families have seen come to fruition already. The best disability insurance can help prevent you from becoming yet another statistic.

Who Is at Risk for Disability?

Simply put, everyone is at risk for being disabled at some point, whether due to an accident, an injury or an illness. A middle-aged man in good health has a 21% chance of being disabled for three months or more during his working career. 40% of people who experience disabilities will be unable to work for a minimum of five years.

However, while everyone is at risk for a disabling accident, injury or illness, there are factors that can increase your risks. For instance, diabetes, smoking, alcohol consumption, poor sleep habits, high blood pressure and age all increase your risk.

There Is No Government Help Available

Where would you turn if you were disabled? Many Americans believe that their state government will offer some form of disability insurance protection. Sadly, that is not the case. Most states have no public-facing disability insurance programs at all.

Some people assume that the federal government will step in and provide them with the help they need. Again, this is not the case in most instances. Remember that only 30% of those who apply for Social Security Disability Insurance each year are approved. That means 70% of those who need this support are denied.

What You Need to Know about Term Disability Insurance

Whether you’re talking about short term or long term disability insurance, all policies will provide you with monthly income in the case that you are disabled. However, there are a few things that you should know about these policies.

One of the things you’ll need to consider when comparing short and long term disability insurance is the elimination period. Most policies do not pay out immediately. Instead, there is a waiting period.

You will also find that disability insurance varies in the length of coverage. Short term disability insurance might last up to a year, and long term disability insurance might last for several years, but you will need to compare policies to get the right fit for your needs.

Finally, you need to consider the amount you are paid per month, which is called the monthly benefit. Again, each disability insurance policy will vary, and you will receive a percentage of your regular income.

Who Benefits from the Best Disability Insurance

In truth, everyone who purchases a policy will benefit from disability insurance. As mentioned, 25% of the US workforce will be disabled at some point in their career. Can you really afford to bet that you won’t fall into that percentage?

Whether you are single, have just married, are starting a family, or are part of a senior family, you can benefit from short and long term disability insurance. Even small business owners will find that this insurance provides them with essential protection that can safeguard their future.

Work with an Insurance Agent for the Best Disability Insurance Quotes

While it is possible to compare disability insurance quotes on your own, working with an experienced agent streamlines the process, reduces your stress, and ensures that you are able to compare apples to apples. Our team members have over 15 years of experience helping people just like you who need disability insurance find the coverage they require. We help you weigh your options, compare coverage amounts, and determine which insurance company offers the best deal and the lowest disability insurance cost.

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