Disability Insurance Awareness Month
May is Disability Insurance Awareness Month.
Protecting your paycheck is so important, especially now when your next paycheck can feel unsure. We’re proud to share that you can cover your paycheck with disability insurance at our agency. But first, let’s take a look at what Disability Insurance is and how it can be helpful to your household.
What is Disability Insurance?
Disability Insurance, put simply, is insurance for your paycheck. This proves important for many households that depend month to month on their paycheck. In fact, 7 in 10 working Americans couldn’t make it a month before financial difficulties would set in.* We’re seeing this with financial impacts of the recent COVID-19 crisis in 2020.
Clearly, it’s important to cover your paycheck like you would your home or car, but when does this type of insurance kick in? The name “disability insurance” can be misleading. It may seem like this only covers an injury or disability that causes you to lose your ability to work, but it’s more than that. This type of coverage covers illnesses as well which account for 90% of disabilities, not accidents as some may think.*
Also important to note, Disability Insurance is not connected to your employer, and moves with you. This is separate from a Worker’s Compensation policy. This is helpful for switching jobs, or for employers that don’t offer comprehensive coverage.
How Can It Help Me
Let’s take a look at how Disability Insurance can protect you in today’s world.
Say you are the primary breadwinner of your family/household. Suddenly, you become ill and need to be hospitalized. Your job does not offer extended sick leave, and you have no paid time off options. If you have a disability insurance policy, you can file a claim and receive the necessary funds to keep your household going. Having less financial stress during unexpected life events can be incredibly helpful in keeping you on your feet, so to speak.
This can help you keep food on the table, gas in your car, and your rent or mortgage payed.
Every policy and company are different, so contact your agent to ask which would be best for you.
*Source: Life Happens