Many individuals tend to either not think too in depth about the future or chose to put off the thought of future planning. Some have decided to rely on Social Security payments to cover their costs when they can no longer work. But, they most important thing someone can invest in nowadays is Income Protection Insurance.
Let’s take a look at some statistics and facts about the Social Security Disability Insurance Program for 2011 (released in 2012).
– Disability benefits were paid to over 9.8 million people.
– Benefits were ended for 653,877 disabled workers.
– The average age of a disabled worker was 53.
– Average monthly benefit was $1,110.50.
– Men made up the majority of the disabled workers receiving benefits.
Breaking Down The Facts
- It is obvious that there are an exorbitant number of disabled people in this country. The average age of 53 is relatively young. The statistics show that the average monthly benefit is $1,110. 53, but for many individuals and families in this country that would not entirely cover their monthly expenses.
- Having an Income Protection Insurance plan would help pay for expenses when you are not able to work and earn an income. It is important to invest in this type of insurance when you are healthy and working in order to have the benefits when you aren’t able to work.
- The facts also stated that benefits were ended for 653,877 disabled workers. Although we don’t know the reason why these individuals had their benefits stopped, it is important to know that the Social Security Disability Insurance Program can STOP your benefits.
- These individuals will now have to pay for their daily expenses some other way. Having Income Protection Insurance will allow to keep paying for expenses such as mortgage/rent, groceries, child care, utility bills, etc. Having this kind of policy beforehand is key.
- Furthermore, the statistics stated that men make up the majority to whom disability benefits are paid to. Although it is important for both males and females to have Income Protection Insurance, this fact proves that men should make sure they have this essential type of insurance.
- For whatever reason, men end up disabled and unable to work, perhaps more than woman. This insurance will help these individuals and families to continue living the lifestyle they are accustomed to by having benefits to pay for what they need and want.
Protect Yourself Today
Let us help you learn about your options and available policies for your budget, lifestyle, and needs. Speak to one of our experienced advisors at (800) 788-8921 in order to help you protect your future for you and your loved ones. If you’d like for us to contact you, fill out our brief Contact Form and we will reach out to you as soon as possible.