The Importance and Benefits of Disability Insurance

What do you think is your most valuable asset? Is it your house, your car, or your retirement account? Actually, it’s your paycheck and your ability to make a living and if you lose it, what’s your plan? Disability insurance pays a portion of your income if you can’t work for an extended period because of an illness or injury. Let’s be honest if you’re like most of us you think, I’m young and healthy so I don’t need it. In fact, the chance of missing months or years of work because of an injury or illness may seem remote, especially if you’re young and healthy and you work at a desk. But, don’t let that be your thought process because disability insurance is important and it can save you big time if needed.

Your chances of being disabled for longer than three months are much greater than you may realize. According to the Social Security Administration, 1-in-5 Americans live with a disability. More than 1-in-4 20-year-olds become disabled before reaching retirement age*. The possibility of not being able to earn a living due to a disability increases your need to protect your income with disability insurance. So, at Hershenberg & Stone-Walsh Insurance Services we think investing in the right disability insurance plan is a smart idea!

Consider what might happen if you suffered an injury or illness and couldn’t work for days, months, or even years. If you’re single, do you have other means of support? If you’re married, you may be able to rely on your spouse for income, but you probably also have many financial obligations, such as supporting your children and paying your mortgage. Could your spouse’s income support your whole family? In addition, remember that you don’t have to be working in a hazardous position to need disability insurance. Accidents happen not only on the job but also at home, and illness can strike anyone.

f you own a business, disability insurance can help protect you in several ways. First, you can purchase an individual policy that will protect your own income. You can also purchase key person insurance designed to protect you from the impact that losing an important employee would have on your business. Finally, you can purchase a disability insurance policy that will enable you to buy your partner’s business interest in the event that he or she becomes disabled.

What Can Disability Insurance Help With?

• Medical Expenses
• Living Expenses
• Child-Care Expenses
• So much more

So, our question for you is, “How long would you survive without the most valuable asset, your paycheck?” A majority of Americans wouldn’t be able to survive very long at all and that is why we highly recommend purchasing the right disability insurance plan today. To learn more about what those are and how we can help, request a quote today!