Disability Insurance in Houston
Why You Need Disability Insurance
If you work, have people relying on your income, and aren’t financially able to go years, or even just months, without a paycheck, you should consider disability insurance.
Why do you need it? Because most people are unprotected and at risk of not being able to pay bills or support their families.
Consider the following:
- Over 25% of American workers experience a long-term disability longer than three months at some point in their careers.
- 69% of workers have no long-term disability insurance coverage.
- 62% of all U.S. bankruptcies and more than 50% of all mortgage foreclosures stem from illness or injury-related medical issues.
You may think that disability insurance is just for accidents and that you’re not at risk if you don’t work a dangerous job. However, 90% of long-term disabilities result from illness rather than accident, meaning they can affect you no matter what you do for work. Even white collar professions like doctors and lawyers need disability insurance — in fact, because of the expensive educational investments in these fields, they benefit even more from disability coverage.
If you don’t have disability insurance, you risk not being able to cover everyday expenses, pay regular bills, or keep up with your larger financial plan. Disability insurance protects your most valuable asset — your ability to earn an income — and should be considered a part of every financial safety net.
What kind of disability insurance do I need?
Once you realize you need disability insurance, you need to decide what kind of disability insurance. Most provide the same sort of protection but under very different circumstances, so it’s important to choose the right one. The options available to most people are:
- Long-term disability insurance
- Short-term disability insurance
- Employer-provided disability insurance
- Social Security disability insurance
- Workers’ compensation
Source: policygenius
Disability Insurance in Houston
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