The Hidden Value of Social Security Disability Insurance: Why It’s Important During Benefits Enrollment
Are you looking to improve your life? Having disability insurance is a simple way to make that happen. Skeptical? Let us count the ways.
Peace of Mind
Are you a fan of having peace of mind? Do you like sleeping well at night? Do you dislike wringing your hands and frantically worrying about financial matters?
If you answered yes to any of the above, disability insurance (DI) can improve your life. DI provides a lifeline of cash in the event you are unable to work. It can cover you, no matter what happens, and pay you a portion of your income during the time you are out of commission. (Often between 40-65 percent of your income.)
If you want to live a life free of stressing out over “What in the world would I do if I couldn’t work and earn money?” then DI is for you.
It’s no fun to think about the possibility of being unable to work for a long period of time, but it’s something to take seriously. Don’t underestimate the risk. Sixty-four percent of wage earners believe they have a 2 percent or less chance of being disabled for three months or more during their working career. The actual odds for a worker entering the workforce today are about 25 percent. The odds are not ever in our favor.
Don’t take chances when it comes to your ability to provide for yourself and your loved ones. Get DI and savor that peace of mind!
Protect Your Cash
You work hard. It’d be shame to see you lose it all due to an untimely illness or injury. Another way DI can improve your life is by making sure you don’t lose your stuff—namely, your stream of income.
Income protection is a hugely important issue. So much so, Congress created a bipartisan Income Protection Caucus to make people aware of the risk of disability, promote personal financial responsibility, and encourage preparedness to help us protect our financial futures.
The best way to ensure you have income protection is to have disability coverage.
Protect Your Loved Ones
Even if you don’t have dependents, losing your income can have a major effect on people you love. If you were out of work for an extended period of time, would you have to move back in to mom’s house? Would you have to crash on somebody’s couch? Or maybe be forced to lean on grandma for an indefinite period of time?
Having DI can improve your life by ensuring you’ll still be self-sufficient and be able to pay the bills no matter what happens to you. Grandma will also be appreciative; she deserves to just relax and enjoy her stories.
Want to Improve Your Life? Go for It!
You must be thinking: “Gee, I really do want to improve my life. But how much is this sweet peace of mind going to cost?”
Not that much!
Generally speaking, DI costs anywhere from less than one to three percent of your gross annual income. It depends on factors like your age, your income, your occupation, and your tobacco usage.
Here’s a sample of what that might look like:
$30,000 income = $300 to $900 per year or $20-$74 per month
$50,000 income = $500 to $1,500 per year or $40-$125 per month
$200,000 income = $2,000 to $6,000 per year or $165-$500 per month
A small price to pay for something that can give you peace of mind, and help protect your most valuable assets. Talk to a CDA member company today to learn more.
Image Credit: Shutterstock
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About Council for Disability Awareness
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