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News & Blog

Disability Insurance: Often Overlooked But Very Important

News & Blog

Disability Insurance provides crucial protection from loss of income due to an injury or illness that prevents you from working. Although this seems like an important part of anyone’s protection plan, too many Americans are woefully underinsured or not insured at all.

If you can’t work, the mortgage/rent still needs to be paid, you still need to eat, the car payment is still due…well, you get the picture. Disability Insurance protects the most valuable asset most people have: their income. If you wouldn’t think about not having a life insurance plan, having disability coverage is just as, if not more important!

The Hard Numbers

  • During your working years, the chances of becoming disabled permanently or temporarily is higher than dying. According to the Social Security Administration, today’s 20-year-olds have a 1-in-4 chance of becoming disabled before retirement. By contrast, a 25-year-old male has a 1-in-6 chance of dying before retirement and a 25-year-old female has a 1-in-9 chance of dying before retirement.
  • Only a fraction of employees have defined disability benefits, and government programs may not provide the benefits you need. FMLA is an unpaid benefit, and 40% of the workforce does not qualify. Workers’ comp only covers injuries and illnesses directly related to your job, and Social Security Disability Insurance requires your condition be severe enough that it lasts for 12 months and/or result in death.
  • Most people suffer an immediate financial hardship without an income.  Almost half of home foreclosures are due to a disability compared to only 3% due to death. The majority of personal bankruptcies are the result of medical bills, often coupled with a period of disability and loss of income. Most Americans couldn’t last a month without a paycheck before experiencing financial strain and 30% of Americans couldn’t cover a $400 emergency expense with cash savings.

A Simple Solution

Disability Insurance is an affordable way to protect yourself against the loss of income that results from an injury or illness that prevents you from working.  Contact one of the Savers Health specialists today and see how easy it can be to get this valuable protection!