May is “Disability Income Awareness” month, which makes this a good time to share information about the benefits of disability income insurance. Think of this coverage as insurance for your paycheck, as this product can help protect your earned income if your health suffers a setback.
Did you know:
- More than one in four of today’s 20-year-olds can expect to be out of work for at least a year because of a disabling condition before they reach the normal retirement age.
- At least 51 million working adults in the United States are without disability insurance other than the basic coverage available through Social Security. (You can also read Fred Schott’s blog on this here).
- Only 48 percent of American adults indicate they have enough savings to cover three months of living expenses in the event they’re not earning any income.
- Almost half of American adults indicate they can’t pay an unexpected $400 bill without having to take out a loan or sell something to do so.
- Find out more from the Council on Disability Awareness in its 2018 Fact Sheet
Disability income insurance is a protection product that provides benefits while you are unable to work. If you become sick or injured and are unable to earn income, will you still be able to pay your bills and keep the lifestyle you are accustomed to?
The difference between workers’ compensation and disability income insurance is with workers’ compensation, you have to be injured on the job in order to collect. Disability income insurance, on the other hand, covers you no matter where you suffer an injury or illness. It can help you maintain your lifestyle and pay bills while you are unable to work.
There are many benefits to having a disability income policy. Full coverage can provide for any length of benefit periods you want to select. For example, it can cover a two-year period, a five-year period, or even a benefit period to age 67 and you can tailor the policy to your needs by adding any of the 10 riders available.
Knowing how important a disability income insurance policy can be to protect not only your loss of income but all of your family needs due to that loss of income, doesn’t it make sense to make sure you have this insurance in place?
Contact Curtis Insurance Agency for more details on how we can provide you with this coverage!