We are conditioned to protect our homes and our cars. But have you overlooked insuring what could be your most important asset? Your salary is what keeps all of the things you prize intact. Losing your paycheck due to an unexpected illness or injury can leave you vulnerable and unprepared to care for your loved ones. Purchasing a supplemental disability policy is an easy way to safeguard your lifestyle by protecting your income. Below, we discuss 5 important reasons you should get short term disability insurance quotes.
Already sold on the importance of having disability insurance? Then let HealthMarkets be your guide. Call us at (800) 360-1402 to get your free short-term disability insurance quote today. Or visit us online to learn more about our insurance products.
5 Important Reasons to Have Supplemental Disability Insurance
1. Your Paycheck Supports Your Lifestyle
Everything you own or enjoy is sustained by your paycheck. Your home, car, utilities, groceries, and dependents all rely on you for support. What would happen if you suddenly became too ill to work? Even after a short period of time, how would your family’s lifestyle change?
For people without disability insurance, an accident or illness that prevents them from working can cause financial hardship. With a supplemental disability plan, a cash benefit can be used to pay for any number of expenses ranging from physical therapy to mortgage payments. It’s your money to use as you see fit.
2. The Stats Aren’t in Your Favor
Another reason to seek a short term disability insurance quote is because the statistics aren’t in your favor. According to the Council for Disability Awareness, 61% of wage earners “personally know someone who has been disabled and unable to work for 3 months or longer.” Additionally, 1 in 8 workers will be disabled for 5 years or more during their career.
It’s common for people to carry life insurance even though the odds of early death are smaller than the odds of a long period of disability. Doesn’t it make sense to also gather some protection for the more likely event?
3. Most Americans Don’t Have Enough Savings
In the event of an emergency, we all want to rely on our rainy day fund. But for most of us, that account it’s either underfunded or non-existent. A recent poll found that “approximately 62% of Americans have less than $1,000 in their savings accounts, and 21% don’t even have a savings account.” Even if you saved 10% of your income each year, one year of total disability could wipe out 10 years of savings. Can you afford that?
A short term disability policy should only cost you 1-3% of your annual income. So if you earn $50,000 annually, you can expect to pay somewhere between $500 and $1500 a year depending on things like your age, occupation, and the level of benefits you chose. That seems a small price to pay to keep your savings.
4. Don’t Depend on Worker’s Comp
Seeking some short term disability insurance quotes is a great way to supplement your employer provided benefits. In the event that you lose your income, a supplemental disability policy can help ensure your lifestyle is adequately maintained. But the reality is most people do not sustain their disabilities on the job.
According to the Council for Disability Awareness, nearly 90% of all disabilities are caused by illnesses, not accidents. And according to the National Safety Council, more than twice as many medically consulted injuries occur off the job than on. Some theorize that we forget that the work environment is often regulated and safety is mandated. Whereas when a person is at home, he or she is free to go anywhere and do anything. This may include doing things you have not been trained for, like using chainsaws and yard work equipment, climbing ladders, or moving heavy furniture
5. You Have Dependents
The average American household in 2015 contained approximately 2.6 individuals. That means most of us are not living alone and have more than just ourselves to support. With the average household income being somewhere around $53,657 annually, can you imagine how devastating losing half or more of that income could be for a family that has one or more children to support?
When financial stress occurs, we will often cut back on our discretionary spending. This can reduce or eliminate spending on sports activities, music programs, or even higher education spending for our kids. A larger concern may be what happens if loss of income from an illness or injury causes cutbacks on major household spending and necessities, like the mortgage? A short term disability insurance quote could help you make some financial decisions that could help protect the comfort and security of your dependents.
HealthMarkets Insurance Agency is here and ready to help you with your short term disability insurance quotes. We can help you decide on the coverage you need to protect your family from loss of income due to a disability. Plus, our service comes at no cost to you. Call us 24/7 at (800) 360-1402.