Disability Insurance

Disability Insurance

 

If you ask most people what their most important asset is, they will tell you it’s their home.   In fact, everyone’s most important asset is their ability to earn money.

I never thought it could happen to me…”  These are words that are frequently heard after an injury or accident. Don’t get caught up in thinking it can only happen to someone else!  Accidents happen every day and illnesses strike when they are least expected.

If you were to become unable to work, how long could you support yourself?  One in seven workers will become disabled for five or more years.  Are you aware that the average disability lasts for 2 ½ years? You have to plan ahead to help protect yourself and your family for an unexpected injury or illness.

So what happens if you become disabled?  Well, state disability will pay 55% of your income for one year.  Very few people can live on 55% of their income.  Can you?  What if your disability lasts for more than one year? As of 12/23, social security pays $1,665 - $3,627 (for very high earners) monthly. The amount you receive is based on your average lifetime earnings.  In 2023 only 54% were approved which means almost half were rejected!  And 12% of the 55% had to appeal the initial decision before they were approved which requires a tremendous amount of time and energy.

Disability insurance not only provides income replacement when someone experiences an illness or accident, but it also provides peace of mind and security that is important to have when facing a crisis situation.  Disability insurance is paid in addition to any government disability received.

Financial security and providing a comfortable lifestyle for yourself and your family is what we all work for.   Having disability insurance gives you the security of knowing that lifestyle will be protected should you lose your ability to work and bring home a paycheck.