11/03/2020
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Disability Insurance: Preparing For Life’s Unknowns
During these unprecedented times, individuals are witnessing how the pandemic has affected people’s health around the globe, impacted markets, caused skyrocketing unemployment, and the list continues. On a positive note, many families are connecting more; donations are pouring into food pantries; and communities, friends, and neighbors are rallying to help out those in need. There is also profound appreciation for medical personnel on front lines, truck drivers, farmers, grocery workers, and others.
However, there is so much that is unknown with the entire situation. How long until everything is back to normal (if ever)? Will there be another spike in the number of positive cases? Will there be lasting affects for those who have recovered? In addition, there is a lingering heartache for those who been affected, and there are ongoing concerns for families on a personal level.
With all of the uncertainty surrounding the pandemic, could individuals have been more prepared? Is there anything people could have done to mitigate some of the impacts?
In early 2019, if someone had considered which was more likely to happen between a global pandemic or an accident or illness that prevented him or her from working for 90 days or more, which would been the higher probability? Life is unpredictable.
Plan for the Unknown with Disability Insurance
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Individuals might not have been able to prepare for a pandemic, but they can prepare for a disabling accident or illness that can happen at any time by getting disability insurance. A disabling event can affect a worker’s ability to earn the income that a family depends on to survive. Disabling situations don’t have to be the kind that cause coma or paralysis, or be a permanent condition that never improves. Rather, a disability is anything that prevents someone from doing the material and substantial duties of an occupation. While a surgeon might be able to golf, drive, and carry out daily activities with a slight hand tremor, he or she might not be able to perform surgery—the main part of his or her occupations.
Questions to Consider DI_Life'sUnknowns.jpg
Could the side effects of cancer treatments cause someone to miss work throughout the week or do a job to expected standards?
How would a heart attack, bypass, or other heart condition impact someone’s ability to work?
Would a surgery be guaranteed to 100 percent fix an issue, or ensure there are no complications?
Can we predict a brain aneurism, depression (in any and all the different forms), diverticulitis, diabetes and possible complications, or any of the numerous medical conditions that can happen at any time?
Does health insurance do more than cover some of the expenses for hospital stays, procedures, or medication?
Disability Statistics
Statistics show that:
A 35-year-old has a 50 percent chance of being disabled for at least 90 days or longer at some point in his or her working years.1
Individuals are three to five times more likely to have a disabling event of at least 90 days during their working career vs. dying.2
At least 66 percent of all U.S. bankruptcies are tied to medical issues.3
Ultimately, it comes down to whether clients and their families rely on at least a portion of their income, and if that income is important enough to consider protecting. If so, individual disability insurance could be something to discuss with an insurance agent or financial planner to help identify policies to fit particular situations, and help to protect what is someone’s most valuable asset – income!
Clients should consider looking into disability income coverage to help protect the ability to provide for their families against some of life’s unknowns – and not wait until a disabling accident, illness, or the next pandemic.*
*A pandemic in itself is not a disabling situation. A disability would be an accident or illness suffered by the client that causes him or her to be able to do the material and substantial duties of an occupation.
1Affordable Insurance Protection, Disability Statistics and Facts
2Million Dollar Round Table List of Top 10 Disability Insurance Facts
3LIMRA 206 Disability Insurance Awareness Month
Marketo, Inc.
