Many people don’t believe that they will ever suffer a long-term disability. But, consider this: Statistically speaking, you have a three in 10 chance of suffering a disability that keeps you out of work for 90 days or longer at some point throughout your working career. And this disability likely won’t be caused by an accident – 90 percent of disabilities are caused by illness.
According to a survey by Life Happens, half of working Americans couldn’t make it a month before financial difficulties would set in if they weren’t able to earn a paycheck. Disability insurance is designed to help you make ends meet when your paychecks aren’t coming in, and helps you cover things like your mortgage, credit card bills and car payments.
Everyone assumes that people in high-risk professions are at the greatest risk. However, it’s not just people that work in manual labor positions that could benefit from having some level of disability insurance. There are four types of people that should absolutely take a second look at this coverage.
- The Bread Winner – If you work outside the home earning a living for your family, disability insurance can go a long way to protect your earning potential. If you became sick or got injured and couldn’t work for an extended period of time, your livelihood could be in jeopardy without a temporary supplement to your income. Disability insurance is designed to fill that gap for you so that you can focus on what’s most important: getting well.
- The Heavy Lifter – If you work in a field that requires a lot of physical labor, like construction, nursing, or even physical therapy, you are expected to be on your feet day in and day out. If you were unable to lift, walk or stand, you may benefit from individual disability insurance, even if your company offers a group plan. Coverage picks up where other policies leave off so that you don’t have to dip into your savings to pay your bills while you are laid up.
- The Parent – If you have minor children at home, and they depend on your income, you may want to consider disability insurance. This coverage is designed to provide funds if you are unable to perform your job. You still need to care for your family if you are sick or injured, so make sure you have a plan in place in case the worst happens.
- The Previously Injured – If you have struggled with recurring issues, from back problems to other nagging injuries, disability insurance can act as a safety net if you are down for the count for an extended period of time. If you struggle with ongoing medical needs, you know that you are more likely to have an injury in the future. Protect your paycheck while you are rehabbing your injury.
If you think you might be a good candidate for disability insurance, there are two types of coverage you will want to consider: group and individual. Group disability coverage is often offered by employers as an employee benefit, and can be packaged as short-term disability (90 days or fewer) or long-term disability (for extended leaves of absence.) Both will cover a portion of your salary if you are hurt or too ill to work. Many people also benefit from Individual Disability Coverage. This is coverage purchased independent of your employer, and portable (meaning you won’t lose coverage if you change jobs).
Your bills don’t stop when you are injured. You are likely still responsible for your mortgage, credit card bills and car payments. Ensure you are able to cover your responsibilities, even if you can’t make it to work for a period of time. Your Farm Bureau agent can help you find the right coverage that meets the needs of you and your family.