Disability Insurance: are you forgetting it too?

Disability Insurance is perhaps the most overlooked coverage available.   As of the writing of this article, AT&T is charging $15 per month for cell phone insurance.  How many 30 years old buy that coverage?  Yet a male age 30 working an office job and earning $50K per year would pay less than $40 per month to protect his income.

Which is more important?  Granted he probably doesn’t feel his cell phone is an optional part of his life, but is his income? He’s likely had the experience of something happening to his cell phone. It hurts to be inconvenienced and have to buy another one. Experience hasn’t yet taught him that he could lose his income. At his age, the odds are good that he might not even know anyone who has been disabled by illness or injury.    With 30 or more working years ahead of him, his greatest asset is his ability to earn an income.  Let’s protect those dollars!

The consequences of going without

Without Disability Insurance you have very few options for relief if you can’t work. Social Security Disability is notoriously hard to qualify for and can take months to get approved.   Paying for just the very basics like rent, utilities, and groceries could mean maxing out your credit cards.  Once that is exhausted and you have a mountain of debt, what’s left but to move in with family or pursue government welfare programs?

Not prioritizing Disability Insurance?  You aren’t alone!

Recently we wrote a Group Disability Insurance policy for a fellow Insurance Agency.  The owner had been encouraging her staff (all insurance agents) to purchase their own individual Disability Insurance plans.  They had access to a great company and could even write their own policies.  Several years passed and the owner decided that since her staff hadn’t bought their own policies she would explore purchasing a Group policy.  To cover her 6 employees she is only paying $200/month. She felt it was very affordable considering how important the coverage would be if ever any of them needed it.

If you haven’t looked into this yet, you don’t have to feel bad, even Insurance Agents forget to prioritize Disability Insurance in their personal lives.

Would you like us to review your current Group Disability Insurance plan?   Do you even have one?    Let us help you discover how affordable it can be to protect the one thing you can’t do without, your income.