Most people, if asked, are tough pressed to explain what disability insurance coverage truly is. It’s really quite easy to specify: Disability insurance coverage protects your paycheck.
In the event you end up being with a life threatening illness or a severe injury and cannot work, disability insurance covers a portion of your paycheck until you can return to work. A recent survey found that many people could not make it a month without their paycheck prior should they be hurt or injured and not be able to work. So, it’s simple to see how essential disability insurance is.
” That’s all great and well,” you state, “however here’s why I do not need it.”
Reason # 1: “I’m young and healthy. A impairment will never happen to me.”
Fact: Did you know that you have a 3 in 10 chance of a major disability that keeps you out of work for at least 90 days during your work life span.
Reason # 2: “I can always get benefits from the government.”
Truth: The majority of long-term disabilities are an outcome of an injury or illness that is not job-related, and so wouldn’t qualify for Workmans Compensation Insurance. And if you think you can count on Social Security disability benefits, those benefits pay an amount that is just over the poverty line.
Reason # 3: “I have disability protection through work.”
Truth: You may, but it’s more than most likely you don’t. Many (70%) private companies don’t offer long-lasting disability insurance, according to the United States Department of Labor.
The bottom line is this: If you work and rely on your income, you need disability insurance coverage.
Exactly what you have to do is:
- Find out what disability insurance coverage you have at work and what is the length of time that coverage covers – short and/or long term. Your HR department can help you out with that.
- Make certain you understand how much coverage you in fact require using this simple online Impairment Insurance Requirements Calculator. (Remember: Your employer may offer you protection as an benefit, but that doesn’t mean it suffices!).
- Get an individual disability insurance coverage policy to complete any spaces you may have to ensure you’re cared for if something were to take place to you. An insurance representative will sit down with you free of charge and assist you find a policy that fits your needs and your budget.
MB Insurance Services
Myrtle Beach, SC 29577