Do I need disability insurance?
According to a recent Social Security fact sheets, “just over 1 in 4 of today’s 20 year-olds will become disabled before the age of 67.” That’s a sobering statistic, considering that disability is often the furthest thing on a young person’s mind.
A disability is an injury, illness, or affliction that prevents someone from performing occupational duties. Because most young people associate risk of disability with old age or physically-demanding occupations, the likelihood that they’d invest in disability insurance is slim. A common misconception is “I’m young. I’m healthy. Nothing could happen to me.” But life is unpredictable: car accidents, genetics, and other debilitating factors are beyond our control.
Disability insurance provides a monetary cushion and prevents the disabled individual from suffering from the negative effects of financial hardships. For families that rely on two incomes (very common in today’s culture)—the loss of a paycheck due to injury or illness may be devastating.
All work environments pose a threat, and a workforce that is increasingly moving into the technology field—and its accompanying office environment—might even exacerbate the situation: young workers further deny their need for disability insurance because of the apparent lack of danger their work environment poses. However, carpal tunnel, a painful affliction that occurs after prolonged, repetitive movements, is just as debilitating to a computer programmer as a back injury is to a construction worker. Even at its mildest, physicians recommend three to six months of treatment, which, if unpaid, is a significant loss of income.
Purchasing disability insurance is a wise decision for anyone for everyone to consider, regardless of occupation.
What disability insurances should I get?
There are three types of disability insurance plans: group, individual, and supplemental disability plans.
Group plans are the most common types of disability insurance, often covered by an employer. They are also commonly the most affordable—the lowest tier being very affordable. While this is a definite benefit, group plans rarely will be able to cover the cost of an entire paycheck. Learn more about why individual disability insurance coverage is a good idea.
If the group plan offered by your place of employment is unsatisfactory, an individual plan might be more appropriate. These plans are customizable and will fit with any unique circumstance, but they will often be more expensive as a result.
Supplemental disability insurance is an affordable option for those who want to bridge the gap from a partially-covered group plan to the comparable benefits of an individual plan.
Because everyone’s situation is unique, there is no blanket solution for everyone. When considering disability insurance, it is important to review all of your options, and compare plan benefits and rates before making a decision. A qualified insurance broker can also help you make the decision that is best for you and your family. At ProtectYourIncome.com, we allow you to instantly obtain disability quotes. Use our disability quote tool now, to get started on getting the coverage you need.