No one expects to be disabled. Most people dream of making it to old age in perfect health. Unfortunately, the bitter truth is that many Americans will become disabled at some point in their life. Worse, a significant number still do not have disability insurance as part of their insurance benefits plan. Consider these numbers:
- According to the CDC, 26% or 61 million American adults live with a disability.
- Almost 400, 000 Americans become completely disabled yearly.
- Over half of adults living with disabilities are of working age, which is 16 to 64 years old.
While developing a disability is not a certainty, it only makes sense to be as prepared! However, many working adults in this area do not consider disability insurance in Seattle, WA, to be a priority.
The following facts prove the urgency of acquiring coverage:
- Before age 65, there’s a 50% chance for a 35-year old to become disabled for up to 90 days.
- 30% of 35-65-year-old Americans in working careers will suffer a disability that will last at least three months and render them unable to work.
- Disability causes nearly 50% of all foreclosures.
- Most people spend up to 75% of their monthly earned income on necessities.
- Disability is a leading cause of bankruptcy.
You might be in the best of health and working a steady job today, but what happens when you suffer a disability and the paychecks stop? Do you have the means to cover your expenses for an extended period, especially when you are providing for your family? Disability insurance puts these concerns to rest.
Essential Things You Should Know About Disability Insurance
Disability insurance can give you peace of mind. Some people assume that worker’s compensation, Social Security Benefits, and credit card disability insurance are enough of a safety net, but that’s frequently not the truth. If you’re still not sure if you need disability insurance, consider the following:
- You can’t rely on worker’s compensation.
All states offer worker’s compensation, but it only covers work-related situations. According to the National Safety Council, around 75% of disabilities are not work-related, which means most disabilities will not entitle you to compensation. Individuals who qualify typically receive only two-thirds of their salary.
- Social Security Disability Insurance is available, but it’s hard to qualify.
The Social Security Administration (SSA) does provide a disability insurance program; however, the coverage is notoriously hard to get— more than 70% of initial claims are denied, and only 10% of the denials are reversed.
To qualify for Social Security disability benefits, the SSA needs proof that the applicant can not work for at least 12 months due to a disability.
- Beware of credit card disability insurance.
Some credit card companies offer disability insurance. At first glance, the premiums may seem inexpensive compared to other disability insurance plans offered in Seattle, WA. The trade-offs are incredibly limited benefits and coverage, along with the potential to increase credit card debt.
Protect Your Future with Guyer Benefits Northwest
Don’t let the fear of becoming disabled steal your peace of mind. Protect you and your family’s future today with Guyer Benefits Northwest. As an independent brokerage firm, we are passionate about helping you find the right coverage for your budget, lifestyle, and medical needs.
Expect us to go the extra mile to understand your situation, and to guide you towards insurance products that will help you feel confident about your future.
In addition to disability insurance, we also offer a wide range of dental, life, medical, and Medicare Supplement and Advantage insurance plans in Seattle. Call us at 206-419-6611 today to schedule a consultation with our friendly and knowledgeable insurance specialists.