The science of disability insurance

If you are young and healthy, you have probably given little thought to the concept of disability insurance. Most employees in this age range may even scoff at it as insignificant in view of their youth.

“Disability insurance?” Compensation if I can’t work? “They may exclaim” Wow, this is coverage I really don’t need. “

If you were to speak to the professionals, those who are in the trenches when it comes to liability and insurance related claims, you would hear a very different story. In fact, the discussion would lead you to be very grateful to be covered!

Deep down, each person understands that whatever blessings we have in life should never be taken for granted. Car accidents, business mishaps, home devastation – all of these things happen. Similarly, no one can guarantee that a disease or ailment will not disturb a life once devoid of it, regardless of the current season one is in.

Do you need more on the matter? Here are the sobering facts:

• 1 in 4 young people in the twenty-year age bracket suffers a long-term illness or injury.
• Each year, there are more than 700,000 paid workers and employees who receive social security disability insurance benefits.
• Overall, 1 in 15 employees files a short-term disability claim per year.
• Nearly fifty percent of all Americans don’t have the money to fund a $ 400 medical emergency.
• Breaking or fracturing a leg can cause a break in employment of three months or more.
• On average, a long-term disability insurance claim lasts more than two years and six months.
• A work-related physical disability can be the result of a number of factors, including chronic headaches, ongoing back pain, cancer-related treatments, treatment, the birth of a new baby, vision loss, heart disease, mental and emotional illnesses and seizures, as well as other illnesses and situations.
• The median income for newly graduated postsecondary students is approximately $ 1,101. Weigh that with the average maximum long-term disability claim of $ 125,450 of lost income.

With the data currently available on young workers, a disability that leaves someone unable to work would have devastating effects without adequate insurance coverage.

Did you know

• Thirty-five percent of young employees experience difficulties meeting daily monthly costs.
• About 70 percent of all US citizens don’t have a thousand dollars in savings.
• To make matters worse, thirty-one percent of people in the eighteen to thirty-year age group have no savings at all.
Life has its monetary responsibilities. These can include rent, mortgage, student loans, car payments, and more. Protect your earnings and your ability to make ends meet by making sure you have the protective indemnity of disability insurance.