Disability Insurance Awareness Month
May is (was) Disability Insurance Awareness Month (DIAM), the perfect time for disability insurance “reality check.” Take this opportunity to make sure you’d be OK financially in the event that a disability keeps you out of work for an extended period of time.
Social Security Disability Insurance benefits are available for the US Government, but in 2005 (the most recent data available) only 39% of the applicants were approved and the process is long and frustrating.
Our most important asset is not our home, car, or other possessions. It’s your ability to earn a living. All of your plans for the future—from purchasing a home, to putting your kids through college, to saving for retirement —are based on the assumption you can continue to earn a paycheck until you retire.
But what would happen if the paychecks stopped? That’s where disability insurance comes in. This form of Insurance gives you some income if you become unable to work.
So what are People to do? Explore options. If your employer offers disability coverage, take the time to explore the coverage that would be sufficient to meet your income replacement needs in the event of a disabling accident or illness. If it’s insufficient, your employer may offer you the option to increase your disability benefit, often through a voluntary payroll deduction. Another option is to purchase coverage on your own.
If your company does not provide DI today, call on me and I will be happy to meet and discuss options and solutions with company managers. I will be happy to talk to individuals to examine one on one and help you examine and find options and solutions for your future.
The microsite www.protectyourpaycheck.org is homebase for DIAM—this is great web site to examine objective, third-party information about disability insurance.