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While most Americans insure their cars, homes and possessions, many overlook their most valuable asset – the ability to earn an income. No one likes to think about becoming disabled. But what would happen if you became sick or hurt and unable to work? Who would run your business? Could you pay your monthly household or business expenses? Whether it’s supporting your daily living expenses today or funding your retirement savings for tomorrow, your ability to earn an income is your most important financial asset.
Just over 1 in 4 of today’s 20 year-olds will become disabled before they retire.1Over 37 million Americans are classified as disabled; about 12% of the total population. More than 50% of those disabled Americans are in their working years, from 18-64.2
Many people purchase life insurance to protect their families should they die prematurely. But according to data from the Society of Actuaries, people in their working years run a greater risk of being disabled for 90 days or more than they do of dying. Disability insurance can help.
We don’t often realize how easy it is to become disabled. Most people think disabilities are caused by accidents, when in reality the majority of disabilities are caused by illness.
Definition of Disability
When comparing policies, the definition of disability can make all the difference in the amount of protection offered. You should look for a policy with a definition of total disability that focuses on your ability (or inability) to do the duties of your occupation – the job you were doing when you became disabled. This is in contrast to some definitions which look at your ability to do any job or occupation. Depending on the circumstances of your disability, it could be more difficult to qualify for benefits with that type of policy.
It’s also important to look for a policy that pays for partial disability as well as total disability. A disability insurance policy that has partial disability protection allows you to collect benefits even while working part-time.
Key Features of a Disability Insurance Policy
A disability insurance policy pays a monthly benefit in the event of a disability. The monthly benefit amount can be used to replace income lost as a result of the disability, helping to meet ongoing financial obligations, and even maintain financial goals.
What Type of Disability Might You Face?
Most people automatically think of something dramatic like a car accident or stroke that would quickly render them totally and completely unable to work. In reality, disabilities are caused by accidents and illnesses from minor to severe – from headaches to cancer and everything in between. Some disabilities are sudden and serious, while others are milder, only slightly impacting one’s ability to work. And other disabilities develop slowly and worsen over time. No one can know in advance, so it’s best to be prepared with disability insurance.
The real question is – can you afford not to? Your most valuable asset is not your home, car or other possessions, it’s your future earning potential. A disability income policy from Dempsey Weiss can help ensure you’ll still receive most of that income while your disabled.
We offer free, comparative quotes on group disability insurance from multiple insurance carriers so you can get the best possible rate whatever your group size or benefit goals. Want to see how much we can save you and your business? Just request a quote or policy review to find out!