Disability Insurance Awareness Month
Imagine if you lost your job or had to take an extended leave of absence because of an illness or injury? Scary thought, but, fortunately, there is a solution: Disability Insurance.
May is Disability Insurance Awareness Month, and Snyder Insurance and Financial Services is here to help you understand why having disability insurance is so important, no matter your age or profession.
Why It’s So Important
Did you know that half of working Americans couldn’t make it a month before financial difficulties would set in, and almost one in four would have problems immediately, according to a Life Happens survey? Think of disability insurance as insurance for your paycheck. It ensures that if you’re unable to work due to an accident or illness, you’ll continue to receive an income.
Too many people think disability insurance is for people who work in heavy industry. They need it to protect them from career ending accidents on the job. That’s a dangerous myth, because 90% of disabilities are related to Illnesses, not accidents, and illnesses are not covered by workers compensation because they are generally not work related. And, even if you’re a healthy millennial, life happens. Believe it or not, 1 in 4 of today’s 20-year-olds will become disabled before they retire.
How Disability Insurance Works
Disability insurance insures your most valuable asset: your income! For people earning less than $100K annually, most disability policies will cover up to 60% of your annual salary. Using that percentage, a person making $50K per year would receive $30,000 of lost wages due to an unexpected illness or accident.
Take just 2 minutes to watch the video below, and you’ll understand why protecting your paycheck with disability insurance is so important. If you have any questions, just contact us online or call a Snyder Insurance team member at (630) 960-4848.