Disability coverage is something over half of Americans think they should have, but don’t. The reality is that only about 1 in 4 Americans have this type of insurance. It isn’t given the same importance as health, car, or home insurance.
Why You May Not Have Disability Coverage
1. You don’t know much about it.
- If you don’t know a lot about a product or service you probably won’t take the time to invest your money into it.
What to do: Take the time to learn about Disability Insurance. Speak to an insurance advisor who can take the time to explain things to you and answer all of your questions. Learning all about it can give you the confidence to make a decision if it is right for you.
2. You think it might be too expensive.
- Most people think it will cost them $600-$800 a year, but it actually averages out to about $200-$300 a year.
- It’s important to keep in mind that your policy cost will depend on a variety of individual factors and the options you choose.
What to do: Find an insurance advisor who specializes in Disability coverage. They can customize a policy for you according to your budget.
3. You think you don’t need it because you will rely on Social Security to cover your needs if you can’t work.
- Social Security has strict guidelines you need to fit in to in order to be qualified to receive benefits.
- Over half of applicants who first apply get denied.
What to do: Invest in Disability Insurance while you are young and healthy so that you can have coverage when you are in a situation that you can’t work due to a injury, illness, or disability. The younger you are, the less expensive you coverage will be. Use this Disability Insurance calculator to estimate how much coverage you may need.
How To Get Disability Insurance
Our experienced Disability Insurance advisors can help inform you about this type of disability coverage. They can help build and customize a policy that is right for your budget and lifestyle. Call us at (800) 788-8921 or fill out our Contact Form to be connected with an advisor.