The month of May has been designated as “Disability Awareness Month.” If you are like most Americans, you probably understand that there is a chance you could become disabled someday, sidelined and unable to work because of an illness or injury. What you may not know, however, is what the odds actually look like. The reality is shocking.
According to the Council for Disability Awareness, more than one in four of today’s twenty-year-olds will become disabled, leaving them unable to work for at least a year before they reach full retirement age. Four out of every ten U.S. adults could not shoulder an unexpected $400 expense.
If you were to become ill or injured and couldn’t work, how would your bills get paid? Would you be able to afford to pay unexpected medical expenses on top of everyday bills like food, housing, transportation, child care, clothing, utilities, etc.? Disability income insurance can provide a valuable safety net, providing funds to cover day-to-day costs after a disability. However, an estimated 51 million Americans do not have any disability income insurance beyond basic Social Security coverage.
While Social Security does offer disability insurance, the threshold for qualifying is high and the application process often long and difficult. Many people wait months or longer only to learn that they don’t meet the Social Security Administration’s definition of someone with a disability. Even if they are approved, many workers are shocked to learn that the amount of coverage available from Social Security is not enough to make ends meet. According to the Council for Disability Awareness, the average SSDI payment in February 2019 was $1,234/month, just above the federal poverty line for a one-person household.
When you work with an independent insurance agent to purchase disability income insurance, you are buying coverage designed to be there for you if the unexpected happens. If disability strikes, knowing you have standalone disability insurance means you – and your loved ones – can have peace of mind and financial protection to avoid becoming another bankruptcy statistic.
Are you ready to learn more and to request a free quote?
Find out how affordable disability insurance can be. Contact Christopher Ferguson Insurance online or call us in Tyngsboro at 617-386-6572 today.