It is always wise to purchase disability insurance because you never know what may happen to your health in the future. When you have disability insurance protection you receive disability benefits from the insurance company in the event that you are no longer able to work because of your health.

Who needs disability insurance?
You may think the chances of becoming disabled are slim, but statistics tell a different story. Should the unforeseen injury or illness occur, be prepared and protected with individual disability insurance.

- Each year nearly 1 in 5 people become disabled for 1 year or more before the age of 65.1
- One in seven can expect to be disabled for five years or more.2
- Almost half of all home foreclosures are the result of a disability. While just 3% are due to death.3
- Nearly half of the 1 million Americans who filed for bankruptcy protection least year did so after being sidelined by an unexpected illness or injury.4
- Nearly 70% of all disabled people that apply, are rejected for Social Security benefits*.5

- Social Security Disability Benefits are reserved for people totally and permanently unable to do any job. It may not cover all interruptions of income due to injury or sickness.

The Differences between Health Insurance and Individual Disability Insurance

In most cases, when a disability occurs it requires professional medical care. Medical insurance will pay for the majority of expenses incurred from doctor’s care, surgery, testing, medication, transportation, and nurse visits. However, it does nothing to address the remaining expenses of everyday life. How will you make your mortgage payment/rent, car payment or pay for your utilities or food?

If you have savings or retirement funds in place, the last thing you want to do is exhaust those to carry you though a financial crisis. Even if you were forced to utilize that money, how long would it last?

If you recognize the importance for medical insurance, you must invariably consider the need for disability income insurance as a method of income replacement as the two are equally critical during a disability. An individual disability insurance policy will replace the income lost (generally on a tax-free basis), if you are unable to work due to injury or sickness.

The cost of individual disability insurance is more affordable than ever, and there are several optional benefits available on today’s policies that allow the insured to structure a plan to meet his or her specific budget and needs. The most important part of obtaining disability insurance is planning. It is therefore important to review your specific situation with an agent that specializes in individual disability insurance, and learn the several factors affecting cost and the way in which benefits are paid.

While planning for the worst may not be an easy task, having the proper policy in place during a disability will make all the difference in seeing you through a difficult time.

You may have additional questions. Our site provides a comprehensive FAQ page and there are several current articles for your review to broaden your understanding of disability insurance. To obtain a quote on individual disability insurance click on our disability insurance quote request page, or if you prefer, call us at 800-544-1662 to speak with a disability insurance specialist.



Individual Disability Insurance Quick Facts

• The Society of Actuaries says that only 2.5% of employees have individual disability insurance coverage (i.e., paid for by the employee and not the company).
• In the next hour 194 people will be injured in car accidents, 57 homes will catch fire, 230 people will die, and 1,027 will become disabled.
• In the past 25 years, the number of severely disabled people ages 17 to 44 has increased 400 percent. While the number of people with protection has also increased, most Americans still have an individual disability insurance protection gap.
• This is alarming when you consider in a year's time, chances are only one in 1,200 of you needing your fire insurance—generally considered a necessity for homeowners—but one in eight people will be sick, injured or killed.
• In 1930, the average U.S. life expectancy was 61; today, it is 76; and by the year 2050, it will be 82.
• Today, there are 3.6 million Americans over age 65; by 2040, there will be 13.8 million.
• In the early 1900s, there were only 500,000 married women in the labor force. They represented just 4.5 percent of all married women. Today, there are about 39 million married women working outside the home (representing 60 percent of all married women), and 17 million of them have children under age six.
• Over the years, the causes of disabilities have changed in the workplace. Today, disabilities due to psychiatric conditions, severe back pains, Carpal Tunnel Syndrome, muscle/tissue disorders and Chronic Fatigue Syndrome are increasing dramatically.
• According to the Disability Management Sourcebook, the number of folks between 17 and 44 with severe disabilities has increased 400 percent over the past 25 years.
• One in seven people will become disabled for five years or more before they reach 65.
• The chances of using your homeowners insurance are about 1 in 88. The odds of using your auto insurance at about 1 in 47. The chances of becoming disabled is about 2 in 5.