It’s Never Too Early, You Need Disability Insurance Now!

If you’re like most people, you think you have enough insurance. However, there is one area you probably have little to no protection, disability insurance. If this is true, you aren’t alone. Many people don’t carry disability insurance, or they are woefully under insured.

This is a big mistake when you consider that you have a much greater chance of becoming disabled and losing income than almost any other catastrophic event. This is especially important when you consider the fact that almost 1/3 of all foreclosures occurring in our country are caused by people who become disabled and cannot make their home payments.

You might be thinking that you have plenty of insurance for accidents. After all there is workers compensation, homeowners insurance, and medical insurance. You’re covered, right?

This might be true when it comes to paying your medical bills or paying for property damage. However, these insurance plans won’t cover you for large amounts of missed income. You also might have to wait months for a settlement before you see any money at all.

Accidents Occur, And They Don’t Happen to the ‘Other Guy’
These statistics will provide you with a framework about the devastating effects that accidents can have on a family.

• For workers between the ages of 35 to 65 years old, there is a 50% chance they will become disabled as a result of work or non-work accidents. Remember, if you are injured at home you won’t qualify for workers compensation.
• For 30% of those workers who do become disabled, their disability will last an excess of 90 days.
• Social Security Disability Insurance(SSDI), on average, only pays $1,234 per month. Additionally, only 35% of the people who apply will be granted the benefits. Furthermore, there is a lag time between the time you’re injured to when you receive your first disability payment. This break in pay may last months.

Social Security itself says their payouts are, “…barely enough to keep beneficiaries above the 2018 poverty level.”

So, despite having to pay into Social Security, you cannot count on it as an immediate source of income in the event of a catastrophic accident in which you were unable to work.

Workers compensation has a much faster response time, but again it’s only applicable to work injuries. What if you are injured at home while doing an improvement project or chores?

Disability Insurance Will Give You Peace of Mind
First, you must realize that disability coverage is not something you should consider as optional. Disability insurance is the way you will pay your bills and put food on the table while you’re disabled.

If you think disability insurance is expensive, you should come in and visit us at Flagler Financial. We have access to a variety of different disability insurance plans, and they are all competitively priced. We can match rates to just about any budget.

We understand that every family has budget constraints, and disability insurance may not seem like a priority. Still, imagine trying to pay your bills if you are injured and can’t work. This is especially important if you are self-employed or a single-income family.

If you have any questions or would like to discuss this topic further, we encourage you to contact us. We would be more than happy to sit down with you and develop a complete insurance package that will fit your finances and cover you if you are injured.