Most people protect their homes, cars and health with insurance for good reason: they're important personal assets. Another personal asset that is ranked very high among people is their income and the ability to earn it. Without an income, your home, car and eventually your health would be impossible to maintain. This is why it makes sense that this most valuable of assets should also be protected with disability insurance.
When injury or illness prevent you from earning an income, disability insurance provides a portion of that income to help you offset the cost of living. You can get short-term and long-term disability insurance. Short-term coverage covers you for a certain number of weeks or months after the illness or accident. Long-term coverage picks up after the short-term coverage ends and lasts for years.
Despite the importance of protecting one's income, many people have misconceptions that prevent them from getting disability insurance. Three of these are considered below.
Disabilities Don't Happen to Young and Healthy People
Everyone can suffer from accidents and serious illness regardless of age. While young bodies are very robust, young people often up the ante by engaging in activities that stress the body more. Unlike a person about to enter retirement, the ability to work for an income is your primary and most important asset. This means it needs to be protected. The easiest time to obtain disability insurance is when you are young. It is also the time when it will be the least costly.
I Don't Have a Physically Demanding or High Risk Job
Even though you don't move pianos or wash skyscraper windows, injuries still happen. If you spend a lot of time using a keyboard, carpal tunnel syndrome is a possibility. Writing and journalism aren't thought of as physically demanding jobs, yet carpal tunnel is a real possibility for these professionals. Cancer is a very common cause of disability claims that makes no distinction about its victims' work environment. Illnesses, both physical and mental, constitute a very large percentage of disability claims.
Social Security Will Suffice
Social security pays out between $1,100 and $1,300 per month for the average qualifying person. For many people, this is not enough to live on. Social security only covers total disability. Claims cannot be made for partial disability or short-term disability. Getting benefits is a difficult process that can take many months.
If you rely on your income, it should be protected. Accidents and illnesses are a fact of life and disability insurance can provide security for you and your family.