Disability Insurance - Disability Insurance

Start Your Free Quote!

Get Your Free Disability Insurance Quote in Less Than a Minute!

Take the financial worry out of the unexpected.

Your need a regular paycheck to maintain your current way of life. But what happens if you find yourself unable to work? Is your family prepared to face the possible financial hardship that will follow? Experiencing a sudden loss of income due to disability could have a devastating financial and emotional consequences for you and your loved ones. Luckily, disability benefits can help you keep your current lifestyle and prevent you from having to deplete retirement or education savings if you find yourself unable to work as a result of a disabling injury or illness

SAVE UP TO 70% ON QUALITY DISABILITY INSURANCE BY COMPARING INSURERS.

Just like all other people, you probably have a number of financial obligations you’re responsible for, such as rent or a mortgage, student loans, retirement savings and everyday expenses. However, accidents happen and if you become disabled, you’ll still need to provide for yourself and your family. Sometimes, not even group long term disability income insurance, which most employers offer, is not enough. Individual disability income (DI) insurance offers additional protection for your income if you become too sick or injured to work for any period of time. It will provide cash to help ease the financial stress on you and your loved ones.

3 Reasons Why You Need Disability Insurance

When asked, most people are hard pressed to explain what disability insurance really is. What’s even more – they often believe they don’t need it. In essence, disability insurance is the safety mechanism that protects your paycheck if you suffer an injury or illness and can’t work for an extended period of time. It replaces a portion of your income until you’re able to return to work again.

Disability can Happen to Anyone at Any Time

A lot of people underestimate the likelihood of a disabling illness or injury happening to them. Unfortunately, data from the Social Security Administration paints a different picture – one, where in 2016 alone over 2.3 million people in the United States applied for disability insurance. According to official statistics – one in four people are slated to be disabled by the time they retire, which means that over 25% of the young population in the country is “at risk” of developing a disability. But most people who are working don’t have long-term disability insurance because they think it only makes sense for workers in high-risk sectors. While it’s true that people in certain professions like law enforcement and construction face greater risks, the odds of suffering a long-term disability are high for all workers as illnesses—not accidents—account for 90% of disabilities that keep people out of work.

Non work-related illnesses and injuries don’t qualify for Workers Compensation.

As the number of auto-immune diseases and other disorders is on the rise, more and more people find themselves at risk of developing chronic illnesses. Your lifestyle choices, environmental factors and family medical history are allcontributing to the risk of developing a disability in general. Recreational alcohol consumption, smoking, unhealthy diet, age, high blood pressure, diabetes, obesity, and insomnia are at the top of the list of causes that can render you incapable of working for a prolonged period of time. Currently, only a limited number of states – California, Hawaii, New Jersey, New York and Rhode Island, and Puerto Rico—provide short-term disability insurance, typically for up to six months. Workers, however, must pay for it through a payroll deduction. For those who live in these states, this can be an important source of short-term income replacement. Workers outside of these states, who suffer a disabling illness or injury that is work related, might be able to count on Workers’ Compensation insurance to replace some of their salary. Most employers in the United States must provide Workers’ Compensation coverage. It typically pays about two-thirds of your pre-disability income. However, based on data from the National Safety Council, 73% of long-term disabilities are a result of an injury or illness that is not work-related and therefore doesn’t qualify for Workers’ Compensation Lastly, you have the option of the Social Security disability insurance program of the federal government that covers most workers. However, qualifying for benefits isn’t easy. According to the Social Security Administration, 65% of applications for Social Security disability benefits are initially denied, and the average monthly payment of current beneficiaries for 2012 was $1,130, which is not sufficient to meet your day-to-day medical, utility, food and other expenses.

Start Your Free Quote!

Get Your Free Disability Insurance Quote in Less Than a Minute!

The majority of employers in the United States don’t provide long-term disability insurance

Based on data from the U.S. Department of Labor, more than 70% of employers don’t offer long-term disability insurance. And short-term disability coverage or partial coverage is not enough to meet all current and future financial obligations of families if you were unable to work for an extended period of time. You may think that you have basic protection for the long term, but in truth your employer-sponsored disability insurance may be far from adequate. As a general rule, there are two forms of employer-sponsored coverage: short-term disability (STD), which replaces a significant percentage of your income for up to three months in most cases, and long-term disability (LTD), which typically pays 40% to 60% of your base salary for extended periods. In some cases, you may be given the option to add to the baseline coverage that your employer provides. Some companies don’t provide disability insurance, but give you the opportunity to purchase coverage on a voluntary basis. If this is the case, you will have to pay the full cost of the coverage. There are certain benefits of purchasing disability coverage at work. For example, it is generally easier to qualify for compared to the coverage you purchase on your own. It is always recommended to check with the human resources department or benefits manager to see what coverage and purchase options are provided by your company’s plan.

Do You Need Disability Insurance?

If you and your family rely on a paycheck to meet your day-to-day expenses, disability insurance should be a part of your contingency financial plan. For most people, who become too sick or injured to work – it takes about a month before serious financial trouble begins. How long can you afford to go on without regular income?

If, like most people, you have some kind of personal debt, such as a mortgage, rent, credit card bills or a student loan – regular income is vital to keeping you financially afloat. Would you be able to maintain your standard of living if you became too ill or injured to work for an extended length of time? And could you afford the piling costs of medical bills, transport expenses or home or other unforeseen needs that can be quite expensive? Getting disability insurance is the first step to securing your financial stability in the long term.

Who is a Prime Candidate for Disability Insurance?

The majority of people would face financial hardship after a just a few months without work, according to Gallup’s recent Economy and Personal Finance poll. 14% of U.S. workers say they could go just one week before experiencing significant financial hardship if they were out of work. 29% said they could last one month. 26% said they could last four months, while only about one-third of workers could get by for a year or more. Prime candidates for disability insurance include:

Single People: With 60% of single workers lacking disability insurance to protect their income and paycheck, according to a 2012 Hartford survey one in three millennials say they would have to rely on savings if they weren’t able to work for more than six weeks, and two in 10 said they would either take money out of a 401(k) or use credit. Just over two in 10 said they would ask friends and family members for financial help or move back home with their parents. With more than a third of unmarried men and more than half of unmarried women, who are primary wage earners,living from paycheck to paycheck – disability insurance provides a way to pay the bills while on the road to recovery. New Families: Young families are hopeful about the future, but the truth is no one can be certain what life holds. First-home purchases, welcoming a new baby, weddings and honeymoons can all be expensive milestones for a new family. Given that in that time of their careers, their salaries still haven’t peaked – most young families rely on rather limited budgets to meet their on-going needs and expenses. However, they frequently overlook disability insurance as a necessity – something, which can cost them dearly in the long-run. Senior Families: As the years roll by, families assume more and more financial responsibility, such as raising children, college education and financial preparation for retirement. Despite the notable increase of income that comes with the stability of having a career, the prospect of sudden loss of income is frighteningly real. Long term disability insurance coverage can help negate such worries.

Disability Insurance as a Critical Component of Business Management

While every small business is different, most owners simply can’t afford to stop working even for a short period of time.As a small business owner you need to take the subject of disability insurance very seriously as any illness or work-related accident can lead to bankruptcy. The best solution to the problems arising from the possible disability of an owner is to have disability insurance to mitigate risks.

There are multiple different occupation classes incorporated into the average premium for business owners, as no two businesses are the same, which gives owners the flexibility to select a disability insurance plan that best fits their business model. This way you have the peace of mind that your stream of income is protected whether or not you are able to work.

Shopping for Disability Insurance

You need to protect your personal income, and rely on a steady income stream coming in regardless of whether or not you are able to work. An individual disability insurance policy will make sure that happens.

Premiums for disability coverage vary based on age, income, the type of work you do, and the policy provisions you choose. In general, the greater the coverage, the higher the premium you will end up paying, but also – the more security you will receive.

To help you navigate the market of disability insurance products, we provide detailed consultations with trained agents. They will take the time to understand your needs and advise on a plan that truly suits your financial situation.

Our main goal is to keep the cost of long term disability insurance low while extracting maximum benefits Choosing a suitable disability insurance coverage doesn’t have to be a difficult decision. Get in touch today and we will walk you through the process, guarantying you receive the best possible coverage.

We’ll help you examine your financial position and expenses and assist you in determining the best way to structure your coverage. From giving you a long term disability insurance quote online, to assisting you with selecting the best product for your situation, our ultimate goal is financial peace of mind for you and your loved ones.Your financial stability makes our professional success.

Get a quote today and start experiencing the many benefits of long-term disability insurance. Don’t wait out to discover what would happen if you became disabled – take the first step towards financial stability and life security with our help!