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Disability Insurance Myths
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Tuesday, September 24, 2019

While Americans are very familiar with the necessity of health and car insurance, many overlook or dismiss disability insurance to ensure that they have a stable income in the unfortunate event that they are unable to work.

But why are we so dismissive of disability insurance? There are several myths that commonly circulate about DI and prevent people from looking further into protecting their paychecks.

Myth #1: Disability insurance is expensive
This is probably the most common reason why people don't look into disability insurance. The numbers may not appear affordable at first glance but compared to the possible losses in the event of a disability it's actually less expensive than car or homeowners insurance.

Myth #2: Social Security will cover my disability
Potentially the most misunderstood aspect of disability coverage, Social Security only covers total disability. Many disability situations are only partial or short-term, meaning that Social Security is not a reliable fallback plan.

Myth #3: I am not likely to be insurable
Even if you are medically-impaired, have a pre-existing condition, or work in a high-risk occupation, disability insurance carriers do in fact offer plans to cover your needs. Odds are that you're able to purchase disability insurance.

Myth #4: My employer offers disability insurance
While many people are fortunate enough to work for an employer that provides some level of disability insurance, odds are that the group insurance plan won't cover all your income. Most group policies only cover 60% of income with taxable benefits, meaning that you'll only receive 42% of your income after taxes. Fortunately, it's possible to get a great supplemental policy.

Myth #5: I work in an office - why should I worry about disability?
It may come as a surprise, but more than 3/4ths of disability is caused by illness, not injury. To add to that, it's estimated that more than a quarter of today's 20-year-olds will become disabled at some point during their career.

It's important to ask yourself if you're able to go without a paycheck for at least six months (the average short-term disability period). If not, looking into disability insurance is an absolute necessity. If you would like more information, feel free to contact us at Income Protection Resource Group.



 
 
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    • 10/15/2019 - Combining Life and Disability
    • 09/24/2019 - Disability Insurance Myths
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    • 05/07/2019 - Disability Insurance Sales Tip
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    • 09/05/2017 - Long Term Disability Insurance
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    • 12/20/2016 - Don’t Put it Off
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    • 10/07/2016 - Disability Insurance is About
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    • 08/19/2016 - Three Industry Definitions of
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IPRG BLOG

Combining Life and Disability Insurance
Tuesday, October 15, 2019


Disability Insurance Myths
Tuesday, September 24, 2019
 

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