To put it simply, disability insurance helps to protect your paycheck in the event that you become ill or injured. Once you make a claim after an injury, disability insurance will pay a portion of your salary to keep your financially stable as you recover.
Even though this insurance is clearly an asset to any worker, many people still don’t see the value in it. There are some that can afford to live without their pay for some time, but that isn’t an option for many of us so why do people still overlook the coverage? Here are some common reasons why disability coverage is often seen as unimportant.
“I have enough savings to live off of for now…”
Many of us like to think that our savings are in order and can last us quite some time, but if you factor in the costs of day-to-day life it could be tough to rely solely on your savings. If you are injured on the job and off work for 90 days or more, you could be in trouble if your savings aren’t prepared enough.
Groceries, gas, bills, and other daily and weekly expenditures will add up over the course of your long-term disability and severely impact your savings. Digging into your savings so drastically as you are away from work will only end up harming you and your family’s lifestyle.
“My job isn’t dangerous…” Or “I’m young and healthy…”
It’s no surprise that working in career fields like emergency services, construction, or farming tend to be riskier than a typical office job, but on-the-job injuries can happen to you no matter where you work. The fact is that the majority of people who do go on long-term disability leaves do so because of them becoming ill, meaning that the odds of going on a long leave are high for all workers in any field.
The excuse of being a young and healthy individual is one of the most tired justifications for not getting disability insurance. Just because you are young, does not mean you will not suffer an illness or injury that can take you away from work for long periods of time. Accidents and illnesses can happen to anyone at any time, not just those who are older or in a riskier profession.
“I have coverage through work…”
While many employers do offer some sort of life insurance for their employees, it often isn’t enough to support someone going on a long disability leave. Typically, employers that offer disability coverage only provide insurance for a short-term disability which isn’t enough to provide financial support for those with a serious injury or illness. Check with your employer to see what form of disability coverage (if any) you have so you can make a better decision about whether or not to get more insurance.
“I already have life insurance…” Or “I have other things to worry about…”
People are often so focused on ensuring that their family will be taken care of after they are gone that they forget about protecting their income. Both of these concerns are completely valid, yet the ensuring you have reliable income in the wake of a disability isn’t viewed as just as important.
If you have loved ones that depend on you or you simply don’t want to use up your savings, get properly covered and protect your income with disability insurance; just because you have life insurance doesn’t mean you have complete financial security.
Disability insurance is really affordable and is even typically attached to a life insurance policy as extra coverage making easier to get than you may think. Always inquire about disability insurance when purchasing life insurance so you can protect your family in the case that you pass away and if you should become injured.