Chances are if you live long enough, you will most likely experience a disability in your lifetime. You may not have disability insurance because you think a disability will never happen to you, but that fact is, we don’t know this! Disability insurance, also known as “income insurance” is extremely important. When we think about what our biggest asset is, many think of their home, or 401(k) account, but that isn’t the case. Your biggest asset is your lifetime earning potential, and you could find yourself at risk if you become disabled or injured.

Do you have Income Protection?

It is important to raise awareness about how important income protection is. With rising medical costs, emergency savings, and the trend of fewer employers offering benefits to employees this has created a unique and challenging time. The pandemic has drawn attention  to how important income protection is and the potentially serious consequences people could face if they had to miss work due to an illness, injury, or pregnancy. 

The Statistics in America on Disability Insurance

Today 14% of Americans say they have disability insurance which is down from 31% in 2012. Yet almost half of Americans – 48% acknowledge they need disability insurance and 45% of families would face financial hardship within 6 months if a primary wage earner became disabled and unable to earn income. (Statistics reflect the entire adult population).

What are the Types of Disability Insurance?

There are a few types of disability insurance: Short Term Disability- usually offered through the workplace and pays benefits when someone is unable to work for several weeks or months due to a disability. Long Term Disability-pays benefits if the person can’t work for a longer period of time. If the long-term disability insurance doesn’t cover enough of a client’s income, which is common for people with higher earnings, there is another way to be covered. Independent disability insurance-provides the extra layer of insurance to cover longer absences from work due to a disability. If an employer does not provide long term disability insurance at all, independent disability insurance can take the place for the employer. Independent disability insurance can also help assist the income protection gap.

You can’t tell someone has a disability by looking at them. People do have invisible disabilities or chronic illnesses which can take away your ability to earn a living just as easily as a visible condition or disablement.

Ask Yourself a Few Key Questions 

Ask yourself: 

• What would happen if I had an injury or illness and were unable to work? 
• How long would I be financially ok before those difficulties set in? 

Everyday expenses such as rent, mortgage payments, utility bills, auto loans, and credit card bills do not stop if you can’t work. Medical bills for an illness or injury can add up quickly and make a bad situation worse. Disability insurance can help cover these costs and more. You may ask-How much disability insurance do I need to cover monthly expenses? But there are other components you will want to take a look at, such as a spouse or partner’s financial contribution.

This year is more important than previous years. As we come out from the pandemic, Americans are looking at the future with less confidence and are unsure what to expect. We don’t have that crystal ball to predict the future but, we can help our clients with tools to protect them in face of the unexpected.

 Email Vickie at This email address is being protected from spambots. You need JavaScript enabled to view it. or call her at 717-790-2171 to get a policy started today.