We do not handle social security disability claims

Don’t overlook the benefits of disability insurance

Some employees may recognize that certain benefits offered by their employer are important, but they still may pass them up in favor of other things. For example, according to one survey by an insurance company and financial services organization, 65 percent of respondents did believe that people in general should have disability insurance. However, only 48 percent of respondents stated that they personally should carry such an insurance policy. And, a mere 20 percent of respondents reported that they in fact did have a disability insurance policy.

Disability insurance is important, however, because it provides a source of income to policyholders who cannot work due to a disability. While people may be tempted to opt out of long-term disability insurance, no one can predict whether their health will suddenly take a turn for the worse. Some employers will automatically enroll their employees in a long-term disability insurance policy, which workers can then opt out of. When employers do this, according to one professional, as many as 75 percent of employees will choose to keep the disability insurance policy. If there is no automatic enrollment, that number drops to only approximately 30 percent of employees that will choose to enroll in a disability insurance policy.

Disability insurance is also important, because many people do not have enough in the way of savings that they could use if they were unable to work. A 2015 survey by the Federal Reserve Board revealed that 53 percent of respondents did not have enough savings to last them three months. In fact, 46 percent of respondents reported that they incurred a $400 emergency expense, they would be unable to pay it.

As this shows, it can pay off to carry disability insurance. No one is guaranteed good health throughout their lives. By being prepared with disability insurance, a person will have access to the funds they need to cope with an injury or illness that prevents them from working.

Source: California Healthline, “Long-Term Disability Insurance Gets Little Attention But Can Pay Off Big Time,” Michelle Andrews, Oct. 10, 2017



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