Misconceptions About Disability Insurance

Did you know that 61 million Americans live with some kind of disability? That’s why disability insurance is so important. If you’re not already familiar, disability insurance is a type of insurance that will provide you with a percentage of your income if an injury or illness ever requires you to stop working. Unfortunately, disability insurance is one of the most misunderstood forms of health insurance. That’s why we’re here to demystify it. Keep reading for the most common misconceptions about disability insurance.

Misconception: I don’t need disability insurance because I’m healthy.

Truth: Many people think that disability insurance is a moot point for them because they’re currently healthy and able to work. But, at the same time, about half of Americans say that their household finances would be impacted significantly in six months or less if the primary earner in the home were to lose their income. The fact is, if you rely on a paycheck to maintain your lifestyle, then disability insurance is worth considering.

Misconception: Disability insurance is too expensive.

Truth: Disability insurance is often much more affordable than you might think — usually the cost is around 1-3% of your annual salary. The total cost of disability insurance depends on a number of factors, including your age, occupation, and health.

Misconception: I can't get disability insurance if I have a pre-existing condition.

Truth: While it’s true that there are some disability insurance policies that will exclude coverage for pre-existing conditions, the great new is that there are so many different companies to choose from and plans on the market. And you’ll find that many of those policies will cover you even if you have a pre-existing condition.

Misconception: Disability insurance is only for people who are unable to work at all.

Truth: You don’t have to be fully incapacitated and unable to work at all in order to take advantage of disability insurance. Disability insurance can actually provide income replacement even if you are able to work part-time. In fact, many policies will provide benefits if you are able to work only 20% of your regular hours.

Misconception: I can't get disability insurance if I'm employed part-time.

Truth: You do not have to work full-time in order to qualify for disability insurance. In fact, you don’t even have to be employed as a traditional W-2 employee. If you meet the requirements for disability and can prove you are losing wages you would have earned had you not experienced this injury or illness, you can collect from your disability insurance.

There are also many disability insurance policies that are available to self-employed individuals. In fact, many self-employed individuals find that disability insurance is even more important than it is for employees, because they don’t have the same level of job security.

Are you interested in disability insurance?

When you work with an independent brokerage, we can help you find the disability insurance policy that gives you the perfect amount of coverage at a price point that works with your budget. We’ll do all of the shopping for you and present you with all of your options, so you never have to lift a finger.

To learn more about how disability insurance can protect you and your family, contact us at 407-870-3462 today. n