Can You Afford Not to Have it?
Disability Insurance protects your most valuable assets and your ability to earn an income. Without this coverage, your financial means for continuing your daily financial lifestyle could be in serious doubt. Listed below are some interesting facts regarding individual disability insurance.
Each year 12% of the adult population suffers a long term disability.
1 out of 5 people age 35-65 will become disabled for 5 or more years before they reach age 65.
A worker who is 20 years old today has a 30% chance of becoming disabled before he or she ever reaches retirement age.
At age 32 your chances of suffering a 3-month or longer disability is 6 times more likely than death.
At age 35 your chances of suffering a 3-month or longer disability is 44%.
If you are 45, your chances of having a work disability are 3 times as high as a person in their 20’s.
On average 7 out of 10 claims for Social Security disability benefits are refused the first time requested.
About 110 million Americans do not have long term disability insurance.
About 8 million adults have some disability that limits or prevents them from working.
Disabilities are not just the result of accidental injury. Common chronic health conditions can cause disabilities that limit your ability to work. In fact, the top 3 chronic health conditions that can cause work limitations are back disorders, heart disease and arthritis.
If you pay the premium, the benefits are normally received free from income tax. If the premium is paid by an employer, the benefits are taxable as ordinary income
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3 comments:
This is an important topic. Too many people do not have disability insurance. Many others rely only on group coverage provided by an employer. They do not realize how many gaps there are in that coverage. Those with group insurance should look into Supplemental Disability Insurance through an agent or broker.
As a small business owner, I knew I needed disability insurance but didn't know what that meant. I spoke to an agent at Insure Your Future. He talked me through the options and provided quotes from several different companies, which allowed me to compare and ask questions. I went with a policy that affordable covers me if I can't work so my family and I can retain our lifestyle.
This kind of insurance is really necessary for all the people who are working. After reading your facts I am really looking for this kind of policy for myself. I need to call my agent as soon as possible to get the details about this policy.
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