Leslie Ellis

If you ask most people what their most important asset is, they will tell you it’s their home.   The fact is, everyone’s most important asset is their ability to earn money.

If you were unable to work, how long could you support yourself and your family?  One in seven workers will become disabled for five or more years.  The average disability will last for 2 ½ years.  That percentage, might not seem like much until you learn that the likelihood of your home burning down is 1 in 1,200 and totaling your car in an accident is 5 in 1,200.  Many people think that disabilities are typically caused by freak accidents, but the majority of long-term absences are actually due to illnesses, such as cancer and heart disease.

State disability will pay 55% of your income for one year.  Very few people can live on 55% of their income.  Can you?  Social security disability pays an average of $1,004 per month IF you can qualify.  In 2008 only 39% of those that applied for social security disability qualified.  In either case, it can take many months and hours of your time “working” the system to see the money.

Disability insurance provides income replacement when someone experiences a long term illness or accident.  This will be  paid in addition to any government disability you may receive.

Having a long term disability can be emotionally draining to you and your family members.  The last thing you want to be concerned with is  how you will pay your bills.  Can you imagine worrying about whether or not you will lose your house because you can’t make the payments?  Disability insurance takes all those worries away.

When considering disability insurance, the first thing you should do is check to see if your employer provides coverage.  If so, determine how much coverage it provides.  Many employers will put a cap on the monthly amount the employee can receive. There may also be a specific time frame associated with how long you will receive those benefits,  (such as two years so it may be inadequate coverage. 

When shopping for disability insurance, there are many options available.  It is imperative that you work with an insurance agent that is experienced in disablity insurance, so you know what you are buying!  Policies costs will vary and some have hidden restrictions that need to be explained to you BEFORE buying your policy.  That is why you should make sure to find an insurance agent with experience that can help you find a policy that will work for you.