Disability Insurance Awareness Month: Disability is Insurance for All Seasons
The Council for Disability Awareness has designated May as Disability Insurance Awareness Month. This is the month that several campaigns are launched to raise awareness about the need for this type of insurance to help families get through difficult times. Disability is one of the most overlooked types of insurance, and many do not purchase it because they are not entirely sure what it is for.
Disability Insurance = Income Protection
How long could you sustain yourself if you were suddenly without a paycheck? How much money do you have in an emergency fund that you could tap into if your income was no longer coming in? If you are like over one-third of younger workers, you have nothing set aside in savings for an emergency. And even if you do, chances are it is only enough to cover barely more than a month of income (at the most).
You insure your home in case of fire, your vehicle in case of an accident, and your health in case you become ill. Doesn’t it make sense that you should also insure the one asset you can least afford to be without – your ability to earn a paycheck?
Life is Unpredictable
You never know when something might happen that will inhibit your ability to work. It may not be anything catastrophic or long-term either. As part of their 2017 campaign, the Council for Disability Awareness is addressing one of the great misunderstandings about disability insurance; the idea that it is only for a major disability.
The truth is, disability is not about just one type of season in life, it is about all seasons:
Disability is about the Good Times: It is about the time when the expectant mother takes a leave to have her baby, but due to unexpected complications, her return to work is delayed.
Disability is about the Inconvenient Times: It is about the time you threw your back out playing tennis, or broke your leg in a skiing accident.
Disability is about the Difficult Times: It is about the time when you were experiencing depression or anxiety and could not properly function at work, or the time when you were diagnosed with cancer and needed to figure out a treatment plan.
Disability is about the Terrifying Times: These are the times most people think of when they first hear the word. The times when you suffer a debilitating illness or injury that is often life-threatening and puts you out of the work force for the long-term.
No matter what season of life you are in, if you are a worker and you count on your ability to earn a paycheck to survive, disability insurance is a product you should seriously consider. Hopefully, you will never become disabled and out of work for an extended period of time. But even if you only experience a short-term incident, your disability policy may be the one thing that bridges the gap and keeps you on stable financial footing.