When a physical injury keeps you from working, disability insurance can help get the bills paid. Disability Insurance can be as important as life insurance for protecting your family’s financial security.
The odds of becoming disabled are actually much higher than dying. In fact, every year 12% of the adult U.S. population suffers a long-term disability. One out of every seven workers will suffer a five-year or longer period of disability before age 65, and if you're 35 now, your chances of experiencing a three-month or longer disability before you reach age 65 are 50%. If you're 45, the figure is 44%.
These odds would not be a problem if people had substantial savings that could be drawn on in the event of a disability. But that's rarely the case, and any money that has been set aside has likely been earmarked for goals such as college or retirement.
In addition to these variables, there are other coverage options, as well as a variety of other riders. The most important is a rider that pays if you can only remain or return to work part-time. The Social Security offset rider guarantees that if you qualify for disability payments under your insurance policy but not for Social Security (a frequent occurrence) your disability policy will pay what Social Security should have.
Another important option is the additional purchase option, which guarantees you the right to buy additional disability insurance in the future regardless of your health at that time.
If you have any questions about Disability Insurance or not sure if you need coverage, request a quote