The Benefits of Having Disability Insurance

Why pay for disability insurance if you’re not disabled, right? If you ask yourself that then you may not be aware that over 37 million Americans are classified as disabled, which is about 12 percent of the population. More than 50 percent of those disabled individuals are in their working years, which is 18-64 years old. These facts are from the most recent annual report given by the Council for Disability Awareness, which also states that one in four of today’s 20 years olds will become disabled before they retire. Still don’t think you should be paying for disability insurance?

When it comes to becoming disabled, accidents tend to not be the culprit. Back injuries, cancer, heart disease, arthritis, sciatica and other illnesses cause the majority of long-term absences. The other disappointing news is that most injuries are not work-related, and therefore cannot be covered by worker’s compensation. So, with more than 30 million Americans between the ages of 21 and 64 being disabled, according to the most recent U.S. Census, and 69 percent of workers in the private sector not having private long-term disability insurance, where do they turn when they become disabled? Social Security Disability Insurance.

Since most Americans don’t have enough emergency savings to last 34.6 months, which is the duration of the average long-term disability claim, most turn to Social Security Disability Insurance (SSDI). SSDI is nowhere near the coverage you need when you become disabled, and nowhere near what having long-term disability insurance can offer you. 1,130 dollars a month was the average monthly benefit paid by SSDI at the end of 2012, but it is hard to qualify for and can take a year or longer to get approved for benefits. SSDI is not dependable either, seeing as 65 percent of claim applications were denied in 2012, and 46 percent received less than 1,000 dollars a month. Long-term disability insurance is a way to protect yourself and your family should anything ever happen to you where you will miss a lengthy amount of time at work.

Taking a little bit off of your paycheck every month is worth knowing that should you become disabled that your family is taken care of, and you can take the time you need to recover instead of fighting with SSDI providers to receive benefits. Investing in long-term disability services is an investment into your family, and your well being. Call us today with any questions, and to get a quote 800.237.2333.

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