May is Disability Insurance Awareness Month. Sometimes disability insurance is overlooked, but if it werenâ€™t important would it have a whole month dedicated to its awareness? Itâ€™s safe to say that many Americans are unaware that they may need disability insurance beyond what their employer offers.
Do you need it though?
When most young people think of disability insurance they may think of ailments relating to age or serious occurrences. In reality there are several common and chronic injuries or illnesses that could keep you from working. According to the U.S. Social Security Administration, more than 25 percent of 20-year-olds today can expect to be out of work for at least one year before they reach the age of retirement. With odds like that it seems that many young people need the coverage.
What could keep me from working?
The Council for Disability Awareness has released a great website for learning about all things disability insurance, RealityCheckup.org. The top five reasons they listed, according to an Integrated Benefits Institute database, are:
- Back and joint pain
- Pregnancy Complications
- Mental health challenges
- Accidental injuries
Even if you believe you are being careful or that nothing could happen to keep you from work there are instances that throw wrenches in your plan. Wouldnâ€™t it be better to be prepared?
Why do I need more coverage than my employer offers?
Disability insurance is a great benefit that an employer may offer you. The only problem is that this coverage may come with limitations, as Nick Deas, our Financial Insurance Advisor, discusses in the video below. According to the Council for Disability Awareness, you will likely need 70 percent of your income covered. If your employer does not offer this then you may need private supplemental coverage.
If you have questions about disability insurance please give us a call at 352-371-7977 or email Nick at [email protected].