Disability Insurance

Why you should have Disability Insurance

Your ability to earn a living is what keeps you and your family living the lifestyle you have worked so hard to create. So, why not take the extra step of protecting your income with disability insurance? If you are ill or injured, your ability to earn an income might be severely impacted. Missing more than a few weeks of work could force you to fall behind on your family’s mortgage, car insurance, health insurance, your children’s education, and your savings for retirement. Imagine what the impact of being unable to work for months or years would have on your life.

Some Quick Facts

According to the 2016 Disability Statistics Annual Report published by the Institute on Disability at the University of New Hampshire:

The percentage of people with disabilities in the US population rose from 11.9% in 2010 to 12.6% in 2013, 2014, and 2015.

Rates of disability increase with age. In the US in 2015, less than 1.0% of the under 5 years old population had a disability. For those ages 5-17, the rate was 5.4%. For ages 18-64, the rate was 10.5%. For people ages 65 and older, 35.4% had a disability.

In 2015, of the US population with disabilities, over half (51.1%) were people in the working ages of 18-64, while 41.2% were 65 and older. Disability in children and youth accounted for only 7.2% (ages 5-17) and 0.4% (under 5 years old).

These alarming statistics alone should be reason enough for all breadwinners to sufficiently protect their ability to earn. With disability insurance, you can replace up to 60% of your regular income if, due to illness or injury, you’re unable to work. Be responsible for your finances and get a free quote today!

Working with the Professionals at Intramark Insurance

You can compare disability insurance quotes from the top insurance companies by using the easy quote form to the right of this page. Our team works for you, not the insurance companies, so you can rest assured that we will always provide you with the best options for your unique situation.

Long-Term Disability vs. Short-Term Disability Insurance

As you begin searching for a policy, you’ll run across long-term disability insurance and short-term disability insurance. A short-term policy can supply you with up to 60% of your normal income for a few months or up to a year. This type of policy might come in handy if you’re suffering from a temporary illness or injury. However, most short-term policies are issued for large employer groups.

A long-term disability insurance policy, on the other hand, can replace up to 60% of your income until age 65 or 67. For this reason,  the premiums for these types of policies are generally more expensive than short-term disability insurance policies. Is the peace of mind of knowing that you will still be able to earn a living if you become terminally ill or permanently disabled worth the cost? We think so.

Own-Occupation Disability Insurance Vs. Any-Occupation Disability Insurance

Another choice that you’ll have to make is between own-occupation disability insurance and any-occupation disability insurance. Own-occupation disability insurance protects your ability to earn a living if, due to illness or injury, you are unable to perform the usual and customary duties of your own occupation. If you’re a physician or dentist, a minor injury could put your once-promising career on hold indefinitely.

With own-occupation disability insurance, you can expect to replace up to 60% of your current income (tax-free in most cases), even if you’re still healthy enough to work another, lower-paying job. This is not true of any-occupation disability insurance. With this type of policy, you will only receive benefits if you are too sick or injured to work in any occupation.

For example, a surgeon may not be considered disabled under an any-occupation disability policy if he or she is still able to teach medicine rather than performing life-saving surgery on patients.

Social Security Disability is not the Answer

Many workers in America today are under the assumption that if they become disabled, they can receive Social Security Disability benefits and continue with their lifestyle. Not true!

In many states, it can take a year or longer to get a Social Security Disability claim approved.

If you are a highly-paid professional, your Social Security benefits will not come close to providing the benefit needed to support your lifestyle.