Safeguarding Financial Security

The pandemic has shown us just how quickly things can change for the worse. Having safeguards in place when challenges arise, such as a disability due to illness or an accident, will bring peace of mind.

Disability insurance is such a safeguard, and can provide income during the recovery period. Whether a serious accident or prolonged illness, the right disability plan can be a life-saver. Disability insurance can even provide income during maternity leave.

Did you know that nearly half of all bankruptcy filings site loss of income due to a medical issue? Almost 400,000 Americans endure a disability each year, yet 86% have no disability insurance. Relatively few disability claims arise from accidents resulting in a sprain, strain, or fracture (12%.) The majority of disability claims are the result of musculoskeletal issues affecting the back, hip, and knees. Pregnancies also make up a sizable portion of overall claims. Mental issues represent about 8% of all disability claims.

Over 25% of today’s 20 year olds will suffer a disability lasting at least one year by the time they retire. The vast majority of disabilities occur outside of work. In fact, less than 1% of workers had claims covered by workers’ compensation.

Disability insurance is inexpensive compared to many other types of insurance, and such coverage should be part of everyone’s protection plan.