Living Without Disability Insurance Coverage
Disability Insurance Coverage
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Insurance is a big business in America. People insure their own health, their cars, their homes and even their furniture. Life insurance is also an important consideration, as nobody wants to leave their loved ones unprovided in the event of an untimely death. Disability insurance coverage, while still a major market, is not as commonly found as other forms of insurance, however. It is said that 80% of Americans either lack coverage altogether or have a policy that just barely covers them, most likely a group insurance policy with their employer.
But imagine the consequences if you didn't have disability insurance coverage, and if you found yourself suddenly injured and unable to work. What would your options be? File for social security? A 50/50 chance of being denied, and a long wait for the process to begin—up to two years! How about workers compensation? If you were injured on the job, it would apply. But what if you're self employed, or developed an injury or illness independent of the company? Disability insurance coverage protects you from the worst case scenario—which is absolutely nothing! In fact, disability insurance coverage can guarantee 45-60% of your total paycheck immediately after you become disabled.
Why You Need Disability Insurance Coverage
This type of insurance is recommended just because of the odds. You have a better chance at becoming temporarily or permanently disabled then you do wrecking your car in a major collision. The odds on auto insurance? One in 70. How about a fire starting in your home, meriting homeowners insurance? Only one in 88 homes will be damaged by fire. Life insurance policy is definitely needed, as not providing for your family is inexcusable. But the odds are 1 in 106 that you will be the one to die, and not your neighbor. But that certainly doesn't stop people from taking precautions!
In contrast, a major disability affects one in every eight people at some point in their life. Furthermore, a man thirty years old has a one in five chance of suffering a longterm disability before retirement, a thirty year old woman one in three. Statistics compiled by insurance companies further showed that 50% of the people who suffer from disabilities lasting longer than 6 months also remain disabled for five years or longer. The two most common disabilities are back problems and heart disease. One more startling fact: more people lose their homes because of a disability than they do from the threat of fire or even death.
Plan Your Future With Disability Insurance Coverage
People do lose their homes—and many other valuable possessions because a disability affects their income and completely throws off their planning. Residents might be forced to withdraw money from their savings account just to pay their health insurance, automobile or utility bills. This can drastically affect their future plans for retirement, for mortgages and a variety of other necessary expenses.
But with disability insurance coverage you can better plan your future, by investing in emergency income. 60% of your usual paycheck would be much appreciated when you're out of work and can't earn any substantial income. With a little budgeting you could pay your major bills and cut costs elsewhere. It could save your home, your family and your entire future.
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