Disability insurance provides periodic benefit payments when you're disabled and unable to work. The insurance is designed to replace anywhere from 45-65% of your gross income. According to a survey from Life Happens, most people wouldn't make it a month without their paycheck before experiencing financial difficulties.
3 Reasons People Think They Don't Need Disability Insurance
Like with many other things in life, many people see disability insurance as another monthly expense that they'll likely never use. Let's take a look at 3 of the most common excuses people have for not purchasing disability insurance.
1. "I have disability coverage through my work, so I'm covered." While you may have coverage through work, it's more likely that you actually don't. According to the U.S. Department of Labor, 70% of private employers do not offer long-term disability insurance. It's important to talk to both your employer and your Lake of the Ozarks insurance agent to determine the amount of coverage you may have and the amount of coverage you need. Even if you do have disability insurance coverage through work, it's likely you will need an individual policy to fill in any gaps in coverage.
3. "I could get by on government benefits." In most long-term disability cases, the injury or illness is not work related, and therefore would not be covered under your employer's workers compensation insurance. If you're planning on Social Security disability benefits, those only pay an average of $1,100 per month. Could you keep up your current lifestyle on that amount of money? At that amount, you'd be living right around the poverty level.
The bottom line here is that if you work and rely on that salary to live your life, you need disability insurance. Your whole life could easily change in the blink of an eye and you want to be financially prepared for anything that could happen. Insure the Lake is here to help with all your insurance needs, including disability insurance at the Lake of the Ozarks. Give me a call at 573-348-2794 to discuss your options today!
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About the Author: Steve is a double back-flip insurance ninja. He was named Young Insurance Agent of the Year by the Missouri Association of Insurance Agents in 2010 and is a Certified Insurance Counselor. When he is not helping customers, he enjoys community service, Latin dancing with his beautiful wife and going on adventures with his two awesome sons.
Steve Naught, CIC
3736 Osage Beach Parkway
Osage Beach, MO 65065
Next to Golden Coral
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