In recognition of Disability Insurance Awareness Month, Principal Life Insurance published this list:

Myth #1:  I can rely on my savings.

Fact:  Even if you save 10% of your salary, one year of disability could easily wipe out many years of savings.

Myth #2:  Social Security Benefits will take care of me.

Fact:  Just 35% of the 2.8 million workers who applied for Social Security Disability Insurance benefits in 2009 were approved.

Myth #3:  A disability won’t happen to me.  I expect to stay healthy.

Fact:  Every 10 minutes, 490 Americans become disabled.

Myth #4:  I can rely on disability coverage through my employer.

Fact:  Group long-term disability insurance typically covers 60% of gross income, and benefits are usually taxable.  Can you afford more than a 40% pay cut?

Myth #5:  Individual disability insurance costs too much.

Fact:  The average annual cost is typically only 1% – 3% of what you earn.

Don’ t let the consequences of a disability derail your lifestyle and future plans. Purchase a long-term disability insurance policy now.

Okay, so I used a little poetic license in the title, which I borrowed from the Latin phrase, “Carpe Diem.”  DIAM stands for Disability Insurance Awareness Month, which will be “celebrated” once again in May.  Life and Health Insurance Foundation for Education (LIFE) does a great job every year of  reminding us how important disability insurance is for most Americans.

It’s interesting to note that the term “Carpe Diem,” which literally means “Seize the Day,” was originally used in a Latin poem by Horace.  However, what Horace actually used the term to mean was “enjoy, make use of.”   In the poem, Horace used the phrase as part of the longer “Carpe diem quam minime credula potero” – “Seize the day, trusting as little as possible in the future (Wikipedia).”

How appropriate then is the expression I used to celebrate  DIAM.  Enjoy the day, but as you trust as little as possible in the future, protect your future with a good disability insurance policy.  Educate yourself about how great the odds are of becoming disabled during your working years.  Protectyourincome.com is a great place to learn about this very important coverage, as is the DIAM information at the LIFE website www.lifehappens.org/diam.

Carpe DIAM!!!