Tips You Should Know About Disability Insurance

FOR IMMEDIATE RELEASE CONTACT: Will Ugwu
(240) 475 1706
It Can Happen To you
Local insurance expert says a disability that keeps you out of work is more likely than you think; May awareness campaign highlights need for disability insurance
Silver Spring,MD– Many Americans just don’t think that it will happen to them. They’re young, strong and healthy. The chances that they could suffer a disability is the furthest thing from their mind. The truth is, one out of every three working Americans will suffer a disability that keeps them out of work for 90 days or longer at some point in their career, according to the nonprofit LIFE Foundation. An illness or injury that forces you out of work for an extended period of time can have dire financial consequences if you don’t protect your income with disability insurance.
May is Disability Insurance Awareness Month, and Will Ugwu, Financial Representative with American Classic Agency in Silver Spring, MD wants people in Northern Virginia to understand the importance of disability insurance and when it’s a good time to evaluate their coverage needs..
"If you work to support yourself and your family, you probably need disability insurance. It’s that simple," says Will. "Just as you would insure your car or home from unexpected damages, it’s important that you insure your ability to earn an income. Don’t leave yourself financially vulnerable by thinking that it won’t happen to you,"
If you have any doubts as to how you or your family would manage without your income for an extended period of time, says Will, now is the time to assess your insurance coverage options with a benefits manager at work or an insurance professional to ensure you are adequately protected.
Even if you have income protection sponsored by your employer or purchased individually with the help of an insurance professional, Will suggests reassessing your disability insurance needs when you encounter significant changes in your life:
Changes at work. If you receive a raise and work for a company that provides group disability insurance, your benefit should automatically adjust upward to replace a fixed percentage of your income. The one exception would be if you are already receiving the maximum monthly cap of disability payments, which then leaves you the option of seeking supplemental group coverage with an individually purchased policy. If you're concerned about the loss of income that would occur if you were to become disabled, talk to your benefits manager at work or an insurance professional who can help you assess whether you should supplement group coverage with an individually purchased policy.
If you decide to go into business for yourself, disability insurance is a must. If you were suddenly unable to work, there is no safety net to fall back on unless you put it in place. For the same reason, if you're self-employed and your income increases significantly, increase coverage to keep pace with your higher standard of living.
Changes at home. If you are recently married or have welcomed a new addition to the family, the need for disability insurance becomes all the more pertinent. Make sure you take a minute to carefully consider whether that change should trigger a reevaluation of your disability insurance needs.
Changes in finances. If you have assumed a significant amount of debt, such as buying a new home or a car, you’ll want to consider obtaining additional disability insurance , either through work or on your own, to ensure you have replacement income and are able to make your mortgage or car loan payments. A disability can stop your paycheck, but it won’t stop your bills. You'll need a source of replacement income to make sure that you'll still be able to make your mortgage or car loan payments.
For additional information on disability insurance and other helpful tips for purchasing coverage, 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