Although people are often concerned with their health and life insurance policies, many overlook the importance of disability insurance and fail to include it in their financial planning. If you end up becoming seriously ill or severely injured, you need disability insurance to make sure you still have enough income to cover your expenses.
If you live from paycheck to paycheck to make ends meet, you should consider the following statistics:
- More than 25% of workers experience a long-term disability that leaves them unable to work longer than three months at some point in their careers.
- 69% of workers don’t have long-term disability insurance coverage.
- 62% of all bankruptcies filed in the United States are the result of debt from an illness or injury-related medical issues.
- 50% of all mortgage foreclosures in the U.S. were due to medical debt from an illness or injury.
- 90% of long-term disabilities are the result of illness, not accidents.
There are several types of coverage options for disability insurance, including:
- Short-term disability insurance
- Long-term disability insurance
- Employer-provided disability insurance
- Workers’ compensation
- Social Security disability insurance
No matter which option who choose, it is important to make sure the coverage amount is enough for your bills and immediate expenses. You never know how long you will be disabled for, so consider a plan with a coverage duration that lasts until you retire.
At Insurance Specialists, Inc., we provide clients with an extensive range of group and individual disability insurance plans. All of our plans include affordable rates and customized coverage amounts, among other benefits. To schedule your consultation, call (888) 451-0883 today.