Everyone thinks "it won't be me", until it is. Be covered in case you get hurt.
Most people think, "It won't happen to me." And that's true. Approximately 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 up to 50%-60% of your gross income with a maximum monthly benefit. And these benefits are usually available only after a 90 day elimination period.3
Approximately 5.6% 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.2
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, June 2020
2. "Disability Statistics" Council for Disability Awareness, 30 Sept 2021
3. "Group and Individual Disability Insurance" Investopedia, 09 Oct 2021