Why do I need Disability Insurance?
Here are some statistics that you might find surprising:
- More than 1 in 4 of today’s 20-year-olds will be out of work for at least a year because of a disabling condition before they reach retirement age.
- Disabilities do not usually happen because of accidents. Back injuries, cancer, heart disease and other illness are the leading causes.
- You are between 3 to 6 times more likely to suffer from a debilitating injury or illness than you are to die prematurely?
- Disability is one of the leading causes of foreclosure and bankruptcy.
“But we have health insurance to insure against costs associated with accidents, injuries, diseses and sickness.”
That might not be enough. What happens when you are sick or injured? You miss work. You miss a lot of work and can even lose your job. What happens then? How long can you survive with no income?
This is a crisis that many in Tennessee face. Workers’ Compensation only covers things that happened directly related to your work and Social Security Disability takes a long time to start and provides under $15K a year.
Your income is important, let’s talk about how to protect it!
Disability insurance is income protection against a disabling condition that would not allow you to complete the functions of your job.
There are two basic types of disability insurance, Long Term Disability (LTD) and Short Term Disability (STD). If you were to sustain a total disability while insured, an LTD plan could cover you until you reach age 65, depending on the plan you purchased. A STD plan usually pays you if you have a disability lasting up to a 3 to 6 month period.
The nuts and bolts of policies differ. And there are TONS of add ons that are available.
It is important to have good counsel when purchasing a disability plan so that you know what you are buying. We are here to help you with that, so give us a call.
“But I already have disability insurance
through the company I work for!”
Great! We encourage employers to offer Group Long and Short Term Disability. If your company does not offer Group Disability, we can help you add that coverage to your company!
But usually these policies only cover a portion of you income. If you want to maintain your current standard of living you may need more insurance. The good news?
Group and Individual Disability insurance plans can stack!
The bottom line:
Disability Insurance is here to help you replace your income in the event that you cannot work. It is about preparing for the future so that you can continue to provide for yourself and your family.
Give us a call today and let’s explore your options!