Think you don’t need disability coverage? Think again.
We plan for the unexpected with wills, estate strategies, and life insurance. But many overlook one critical protection: disability insurance—the coverage that protects your income and lifestyle while you’re still living.
According to the Social Security Administration, nearly 1 in 4 Americans in their 20s will experience a disability before retirement age. And yet, most households are financially unprepared for a sudden loss of income. If you’re unable to work, your income may stop—while your expenses continue, or even rise, due to medical and rehabilitation costs.¹
Unlike life insurance, which helps protect loved ones after you’re gone, disability insurance helps protect your daily living and long-term financial goals, such as covering your mortgage or paying for education, when illness or injury prevents you from working.
Disability insurance is issued by participating insurance providers. Policies can vary widely in coverage length, benefit amount, waiting periods, and whether they cover your “own occupation” or “any occupation.” Availability depends on the insurer and your state of residence. Any benefits are based on the financial strength and claims-paying ability of the issuing insurance company.
Is Government Assistance Enough?
Many discover they don’t qualify for Social Security Disability Insurance (SSDI) or that the process is long, complex, and restrictive. Those who do qualify often receive only a fraction of their previous income, which is far below what’s needed to maintain their lifestyle.
This May, during Disability Insurance Awareness Month, take a moment to ask yourself: If disability struck tomorrow, would your income—and your family’s future—be protected?
Now is the time to explore your options.
Our team can help you understand how disability insurance fits into your overall financial plan and guide you toward options that offer real security for life’s unknowns. Contact us today to get started.
1. SSA.gov, 2023