4 Reasons Everyone Needs Disability Insurance

4 Reasons Everyone Needs Disability Insurance

When you’re young and healthy, it can be hard to imagine that the day might come when you won’t be able to work. That day has already arrived for 1 billion people across the globe.

The World Health Organization estimates that any person will likely experience some form of temporary or permanent disability in their lifetime. Still, many of us don’t have adequate protection for our income if it happens to us.

What happens if you don’t have your disability insurance policy if you become temporarily or permanently disabled? How will your family survive without your income?

Who Needs Disability Insurance?

 You. Us. Everyone.

We all depend on our jobs to earn income. Whether you’re a fitness instructor healing from a broken leg or a lawyer who suffered a stroke, disability insurance provides you with a source of income, so you don’t have to dig into your savings or debt to pay for living expenses recovery.

Why Do You Need It?

  1. There are many reasons why you might need disability insurance. If you cannot work because of illness, injury, or childbirth can receive a portion of your lost wages thanks to disability insurance. You can rest easy knowing they’re covered in the event of a disability and can return to work as soon as possible.
  2. There may be no one else in the family who can provide financial support. People who are the primary or sole breadwinners in their household may find disability insurance especially beneficial. Disability insurance payments can alleviate financial hardships for those unable to work due to illness.
  3. Illnesses like COVID-19 or the flu may last much longer than expected. Harvard Medical School’s latest COVID-19 research shows that people with mild cases of COVID-19 are out for one to two weeks, but the average is about two to three weeks, with severe cases being out for six weeks or more. Regardless of the joint disease, it can take days or weeks for a person to return to work.
  4. Daily expenses can be eased by receiving a portion of one’s income. Most disability plans cover a certain percentage of an employee’s salary—typically 60%. Even a tiny amount of income can go a long way toward covering living expenses while recovering. 

What Are The Pros and Cons?

Here are the main advantages and disadvantages of disability insurance to help you weigh your options.

Pros of disability insurance:

  • Protects your income
  • Reduces the burden of financial obligations
  • Prioritizes time for recovery from disability
  • Helps avoid financial ruin

Cons of disability insurance:

  • Costs may be unaffordable
  • Has a waiting period
  • Can require a medical exam

We never know when our luck is going to run out.

And when it does, you want to be prepared!

Disability insurance is an essential part of any financial plan. It ensures that even if you can’t work due to a disability, you’ll still have income and the ability to pay for your expenses.

You might think disability insurance is for people with physical disabilities, but it’s not. Mental health issues such as depression or anxiety can qualify as a disability under the right circumstances.

So what are you waiting for? Get some coverage today and protect yourself against the unexpected! The power of choice is emphasized at Heroes Sick Pay, where you can choose the coverage that fits your needs. Get in touch with us today.

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