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DISABLING THE MYTHS ABOUT DISABILITY INSURANCE
Local Insurance Expert Debunks Misconceptions that Prevent Many from Getting the Coverage They Need
Silver Spring, MD – You’re energetic, able-bodied and fit, and probably haven’t given much thought, if any, to the possibility of something happening that would prevent you from going to work every day. It’s even less likely that you’ve spent time thinking about your need for disability insurance. That’s a mistake a lot of people make. They think disability insurance is something they’ll get to eventually, maybe when they’re a little older or when health issues start to arise. In reality though, a disabling illness or injury can strike at any time, and the odds of it happening to you are much greater than you probably realize.
According to the nonprofit LIFE Foundation, nearly one out of every three workers will suffer a disability lasting three months or longer at some point in their career. For those unable to work due to an unexpected illness or injury, paying bills and the mortgage or rent can be difficult without adequate disability insurance coverage. Disability insurance provides replacement income when you are unable to work and earn a paycheck.
May is Disability Insurance Awareness Month, and as part of this national education campaign, Will, Financial Representative with American Classic Agency in Silver Spring, MD is helping to dispel the most common misconceptions that often prevent people from getting the coverage they need.
"Many people fail to realize that their ability to work and earn an income is a valuable asset that must be adequately insured. Without a paycheck, millions of Americans would see their bills pile up in a hurry," says Will. "A disability can strike at any time. If you work for a living, you need disability insurance. This May, take the time to sit down with your benefits manager at work or insurance professional in your community to assess your coverage options and get the financial protection you need."
To help educate people on the need for disability insurance, Will outlines five of the most common misconceptions people have about getting coverage:
I am young and single and don’t need disability insurance. If you work, you should consider disability insurance, whether you’re younger, older, single, married, or with or without children. People who become disabled and can’t work not only may need to continue providing for loved ones, but for themselves as well. A disabling injury or illness could lead to medical bills, modifications to your car or home, or other unforeseen needs that can be quite expensive, on top of your everyday expenses. Also, it is to your benefit to purchase disability insurance at a younger age when you are healthier and can lock in a lower premium rate.
I’m not in a dangerous line of work. Whether you work behind a desk or on a construction site, you need disability insurance. It’s that simple. Many people assume disabilities are caused by freak accidents, but JHA, an insurance consulting and research firm, reports that only 10 percent of disabilities are a result of injury. The vast majority of long-term absences are due to illnesses
　
3. My employer will cover me if I become disabled. While many millions of Americans have disability insurance coverage through their employers, a majority of companies do not offer the option to their employees. Talk to your benefits manager to sort out the coverage options available to you. If you don’t have disability insurance through work or it’s not adequate, talk to a insurance professional outside of work to evaluate purchasing a policy on your own.
4. Workers’ Compensation will cover me if I become disabled. Workers’ Compensation only covers you if you get injured, ill or die as a result of your job. But according to the National Safety Council and JHA, about 95 percent of long-term disabilities occur outside of work. Even if you qualify, most Workers’ Compensation programs pay only limited benefits and follow strict guidelines.
5. The benefits I can get through Social Security will suffice. It is extremely difficult to qualify for Social Security Disability Insurance benefits (SSDI). According to the Social Security Administration, roughly 60 percent of those who apply are initially denied. Eligibility depends on whether or not you are incapable of working at all, not just your usual occupation, and if your condition is expected to last a year or more or will result in death. If you do qualify, it can take five months or longer for benefits to kick in and, on average, SSDI pays out only slightly more than $1,000 a month.
For more information about disability insurance and tips for evaluating your needs, visit www.lifehappens.org/disabilityinsurance.
About Disability Insurance Awareness Month
Disability Insurance Awareness Month (DIAM) was created to get American workers to think about the need to protect their greatest asset – their ability to earn an income. Held in May, DIAM is an industry-wide effort that is coordinated by the nonprofit Life and Health Insurance Foundation for Education (LIFE).
Will Ugwu---American Classic Agency
American Classic Agency is a full-service financial firm that helps families and businesses with mortgage protection, life and disability insurance you don’t have to die to use, savings and retirement planning. You may contact me directly at 240) 475 1706 or at willismile@gmail.com