Do you need individual disability insurance? Before you answer too quickly, consider these statistics. One third of all Americans between the ages of 35 and 65 will become disabled for more than 90 days, according to the American Council of Life Insurers. And one out of seven workers will be disabled for more than five years.
Given these statistics, it still surprises me that while most people insure their homes and cars, far fewer protect what is probably their greatest asset - their ability to earn a living.
So let me come at the question from a different direction. If an accident of illness kept you from working for an extended period of time, would you be able to pay your mortgage and other bills? Provide for the needs of your family? Maintain your standard of living? If you're like most people, the answer is probably 'no.' So unless you're independently wealthy, it's important to consider disability insurance.
Some of you may be breathing a sigh of relief because you have disability insurance through your job. Many companies offer this important coverage as a benefit. But have you checked out what percentage of your income is actually covered? For how long? And if you should leave the company, can you take this coverage with you?
The answers may suggest the need for an individual disability insurance plan to supplement your company's group plan. And if you're self-employed or work for a company that doesn't offer disability insurance, you'll find it even more urgent to explore your options.
At this point, many people start thinking that they can always fall back on Social Security disability income.Â But qualifying for these benefits can be a long and uncertain process. And even people who eventually qualify often find that the payments do not cover their expenses.
So if all this is raising questions in your mind, I invite you to give me a call. We can take a look at your situation, explore your options, and come up with one of those "individualized solutions" that are the hallmark of Mid-State Insurance.