Disability Income

Your income is the foundation that supports your expenses, lifestyle, and future plans. What would happen if your paychecks stopped due to an accident or illness? If you’re unable to work due to a sickness or injury, disability income insurance can help you meet your expenses and maintain your standard of living.

Disability income insurance can help you pay bills like your mortgage, tuition, and car payments, and help cover the expenses for food, clothing, and utilities. By replacing a portion of your income, disability income insurance can help provide financial security until you get back on your feet and return to work.

Some statistics explaining the need for disability income insurance include:

  • Just over 1 in 4 of today’s 20-year-olds will become disabled before they retire. ( Social Security Administration, Fact Sheet February 7, 2013)
  • Over 37 million Americans are classified as disabled. More than 50% of them are in their working years, age 18-64. ( Census Bureau, American Community Survey, 2011)
  • In December of 2012, 8.8 million disabled wage earners were receiving Social Security Disability (SSDI) benefits, and 2.5 million of them were in their 20s, 30s, and 40s. ( Social Security Administration, Disabled Worker Beneficiary Data, December 2012)
  • 65% of initial SSDI claim applications were denied in 2012. ( Social Security Administration, Disabled Worker Beneficiary Data, December 2012)
  • Less than 5% of disabling accidents and illnesses are work-related. The other 95% are not, meaning Workers’ Compensation doesn’t cover them (Council for Disability Awareness, Long-Term Disability Claims Review, 2012)
  • Approximately 90% of disabilities are caused by illnesses rather than accidents. According to the Council for Disability Awareness (CDA), the leading causes of new disability claims in 2012 include musculoskeletal/connective tissue disorders, cardiovascular/circulatory disorders, cancer, mental disorders, and injuries and poisoning.

Every disability income insurance policy is different and should be assessed based on the quality of plan created for your needs, and not by the cheapest disability income insurance policy on the market. As an independent insurance agent working for you, I represent some of the leading insurance companies for disability income insurance and can help you with your individual and group disability insurance needs. Please feel free to contact me for answers to any of your specific questions related to disability insurance.