The Vital Importance of Disability Insurance


In a recent study conducted by the mutual insurance holding company OneAmerica and Harris Poll, only 34% of those surveyed said that they have disability insurance. The poll questioned 2100 working Americans about three different types of insurance before producing these findings.

Results revealed that of the employees who answered that they did not have disability insurance, 43% stated that it was due to that fact that their employer does not offer it. The remaining respondents replied that either they could not afford disability coverage (14%), they felt other expenses were higher priority (12%), they saw no value in such insurance (12%), or they didn’t need it because they were healthy (14%).

These survey results show the extent of the misconceptions and errors concerning disability insurance. The importance of covering for potential short-term and long-term disabilities is vital for any American worker.

What is Disability Insurance?

Disability insurance allows workers to get coverage for earned income in cases where disability may put their ability to perform their job at risk. This type of insurance encompasses paid sick leave, short-term, and long-term disability benefits. These payments ensure income even when work cannot be performed, so an individual can still pay their bills and buy groceries.

Short-term disability insurance covers temporary disabilities, such as physical injuries or surgery, which last only six months or less. Long-term disability insurance is for any type of disability that keeps you out of work for six months or more.

Why is Disability Insurance Important?

There is no way to foresee a disability. Though you may be healthy now, there is always a risk of personal injury, sudden physical or mental illness, and other such accidents in the future. When a disability unexpectedly occurs, disability insurance is there to make sure that you will be able to support yourself.

It’s important to take steps ahead of time to ensure you will be able to make the payments necessary to get by, even when you can’t work. Since disability insurance is not automatic, handling this ahead of time is a must. The older an individual is and the more dependents they have, the more important it becomes to account for unfortunate circumstances.

Social Security disability insurance is always an option, but in general it only pays benefits if you are unable to work for a year or more because of a disability.  The average monthly payment is only $1,177, so it will likely fall very short of your actual income needs.The best route is to get a disability insurance plan ahead of time to get that extra protection from sudden loss of income due to a disability.

  Date posted: Friday, May 26th, 2017
Category: Uncategorized

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