Most people think, "It won't happen to me." And that's true. Only one in four of today's 20-year-olds will become disabled before they retire.1
But if you're like most people, you'd be in financial trouble in less than a month if you became too sick or hurt to work.2
Group long-term disability benefits typically cover only 50% - 60% of your gross income. And these benefits are usually taxable, further reducing your take-home pay.3
5.6 percent of working Americans will experience a short-term disability (six months or less) due to illness, injury, or pregnancy on average every year. Almost all of these are non-occupational in origin.4
Individual disability income insurance protects you by providing monthly cash income. You can use this to help pay your bills in the event a sickness or accident prevents you from earning your usual paycheck. To help people make their own calculation, the Council for Disability Awareness, a trade group backed by the insurance industry, created a calculator called What's My Personal Disability Quotient. President Barry Lundquist said the site was created using the same actuarial tables that insurers use to price policies.
Call us if you want to explore your options. We can help you assess your risk and show you affordable plans that may provide you peace of mind with the knowledge that your earnings potential is protected.
1. Social Security Administration Fact Sheet, January 2018
2. "What Do You Know About Disability Insurance" survey, Life Happens 2018
3. The Basics of Long-Term Disability Insurance, June 2016
4. The Council for Disability Awareness, Chances of Disability, March 28, 2018