The Risk of Disability: What You Didn’t Know

A comprehensive benefits package is something every new job seeker is looking for.  Health coverage and 401 K plans are always at the top of everyone’s list, but what about disability insurance?  In a recent study by the Council for Disability Awareness, HR representatives surveyed employees and found that 73% of employees considered the ability to earn income as their most important financial resource.  In comparison, only 26% thought it was important to prepare for disability.  So what happens then in the event of you sustaining injury on the job that leaves you incapable of performing your job duties?

Often, when faced with the question, “how will you deal with disability?” most people responded, “I haven’t given it much thought.”  This mentality is reflected in the fact that most employees don’t plan for disability until their 40’s, 50’s, and 60’s.  Roughly 100 million members of the U.S. workforce lack any form of private disability insurance.  The reason why being that most people highly underestimate the possibility of disability.  The scary fact of the matter is that a 35 year old male, average height and weight, office duties, average lifestyle, non-smoker and no health history still faces about a 13% risk of long term disability.  A woman living a similar lifestyle has an even greater risk, at 18%.  When the Council for Disability Awareness asked HR professionals what they thought the percentages were, most responded with answers of 1 or 2 percent, proving the fact that people are not as safe as they like to think.

What does this mean for all the working people in the world?  If perspectives remain the same, most people will continue to believe that earning an income is their number one concern.  It would be foolish then to risk all of your money and hard work by not having a disability insurance plan in place.  It is your responsibility to protect yourself and your loved ones from financial strife.  If you are still young, take advantage of the fact that rates for disability insurance will be at their lowest for you at this point in your life as well as easier to procure.  As for the Risk of Disability – as you get older, it gets bigger, so don’t miss the opportunity to get in on it before it’s too late.  Contact your insurance agent today and get the protection you need.

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