The average worker has a 30 percent chance of becoming injured, ill, or disabled at some point during their lifetime, posing a great threat to their future and financial security. Yet despite this threat, around 51 million American workers are still without disability insurance.
Disability insurance offers financial assistance so you can continue to pay your bills and other responsibilities without worry or sacrifice. Think of it as a backup plan and supplement for your paycheck if you were to have to miss work. But not everyone realizes the importance of having disability insurance, and many don’t realize that they themselves are the perfect candidate.
So who needs disability insurance? It can be beneficial for just about every adult, but we’ve identified five subcategories where it is especially pertinent.
1. Family Breadwinner or Provider
If you make the most money in your family, then odds are most of the financial responsibilities fall on you. Sometimes responsibility extends beyond yourself and even your individual household, with many adults becoming the sole provider for aging parents or taking on other family members’ bills, medical help, and more. If you are this person for those in your life, then you should not jeopardize your stable financial standing. Even if you have a partner who can continue working in the event you cannot, if their paycheck is significantly lower than yours you are not only losing half of your income but receiving far less than what would be needed to carry on with your lifestyle and financial responsibilities.
If you have children at home, they rely on you for care and protection. House payments, groceries, school supplies, the occasional medical or dental bill, and so much more. All these things need to be paid for to keep your little ones safe and healthy. So what happens if a parent loses their income due to injury or illness? This is especially important for single parents who don’t have a partner to fall back on. 52% of all single female workers, many of whom have children, are without disability insurance. Having a plan in place can help prevent unimaginable financial stress.
3. Freelancer / Independent Contractor
If you are self-employed, disability insurance is for you. Self-employment has grown increasingly popular, with the percentage of self-employed workers in the US averaging around 30-40% of the workforce. Many workers with employers are offered a benefits package that can help take care of them if they need it. But for freelancers, this option is not provided. Instead, you need to seek it out. If something happened to you and you could not work, there would be no company behind you to offer help or compensation. It is essential to take the extra step and create financial security for your future.
4. Physically Demanding Jobs
Working a physically demanding job like construction or nursing requires disability insurance. While these careers likely mean you have a company offered to plan, these aren’t enough. Many company-provided insurance policies do not go the distance in getting you the benefits you need to continue on financially if you cannot work. There is an added risk for injury when holding a physical job as you use your body more for work. On the flipside, you also need a healthy and able body to perform your job. Go beyond what is provided, and secure your own individual plan to ensure you are protected.
5. Existing or High Risk for Medical Conditions
Medical conditions can either be a short-term or long-term battle, so having disability insurance can help you create your own financial security if you can no longer work. If you have an existing medical condition or have a higher risk of developing one, disability insurance can offer you peace of mind if they worsen or occur. Many think that one needs disability insurance after suffering an accident, but medical conditions and illness account for most claims. For example, musculoskeletal disorders of the back and spine, knees, hips, shoulders, and other parts of the body account for 20% of short-term disability claims. Meanwhile, digestive disorders account for 7.8% and mental health issues for 7.7%. If you live with this as a real possibility, then the smartest decision for your future is to have a plan in place.
At Heroes Sick Pay, we work with you and for you. We find the best possible policy out there that matches your lifestyle and specific needs so that when you find yourself in a difficult situation, you have a plan in place to offer financial stability for you and your loved ones.