If you cannot work due to a disability, companies that offer disability insurance will give you cash flow to cover your expenses. But, when it comes to disability insurance, we tend to fall back on the same old flawed arguments as humans. We simply don’t believe death is something that could happen to us. Here are five reasons why we might rethink our stance:
- The first step might be as easy as opting in at work.
Even though the practice seems to be on its way out, many prominent organizations continue to provide disability insurance as part of their employee benefits packages. If you want to participate, this insurance is often provided at no cost; however, some businesses provide low-cost choices with employee-paid premiums. If you have the chance to get disability insurance via your employer, take advantage of it!
- Social Security cannot meet all of the needs.
Isn’t Social Security supposed to provide disability insurance? This is true, and it is provided through both Social Security Disability Insurance and Supplemental Security Income. Perhaps, if your application is granted, it might take several months or even a year to begin receiving Social Security Disability Insurance benefits. When it does arrive, it may not be sufficient to replace what you were previously producing.
- Even office employees are susceptible to being incapacitated.
Do you believe that disability exclusively affects coal miners and others who work in other physically demanding jobs? Rethink. The simple act of sitting down all day, gazing at a computer screen, and typing may be a risk factor in and of itself. What would happen if you suffer from a repetitive stress injury and cannot type? Now that’s something to be afraid of.
- Your dependents are reliant on your earnings.
It’s possible that you won’t require disability insurance if you’re single, childless, footloose, and fancy-free — as long as you don’t have someone reliant on your income, such as an elderly parent. If you have dependents, you’ll want to ensure that they are protected by disability insurance just like you are covering them with life insurance.
- It is not as pricey as you may have believed.
Depending on your salary, you may pay as little as 1% of your income in disability insurance premiums. The insurance should cover two-thirds of your income year after year if you become disabled for an extended time. That doesn’t seem to be a prohibitively high price to pay for peace of mind – and the protection of your family.
Since each person’s circumstances are distinct, disability insurance is amongst the most personalized forms of coverage you may get. Get one today!