What is Disability Insurance?
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.
2. "As a young and healthy person, I'm not going to become disabled anytime soon." The truth of the matter is, it doesn't matter how young or how healthy you are, anyone can become disabled in an instant. What if you get in a major car accident? Unexpected injuries or illnesses can occur at anytime to anyone. According to a survey from Life Happens, you actually have a 3 in 10 chance of suffering a disability that keeps you out of work for 90 days or more during your career.
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!
Request a Free Quote Online! Contact Insure the Lake today for all your Lake of the Ozarks insurance needs!

Steve Naught, CIC
3736 Osage Beach Parkway
Osage Beach, MO 65065
Next to Golden Coral
T: 573-348-2794
F: 573-348-0191
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