Virtually anyone can benefit from the financial stability offered by this insurance protection.
According to a recent Gallup Economy and Personal Finance poll, most American citizens would experience significant financial hardship within just a couple of months of being out of work.
- A third of the poll's respondents stated they could last for a year or so.
- 26% said they could get by for four months.
- 29% reported being able to last about a month.
- 14% of respondents stated they would only last about a week.
Singles
Think that because you are single you don't need the protection offered by disability insurance? Think again.
- 60% of single workers have no disability insurance.
- A survey by The Hartford indicated that 1 out of 3 Millennials would have to dip into their savings if they were out of work for more than 6 weeks.
- 2 out of 10 actually reported they would have to use credit cards or dip into their 401(k) plans.
- Slightly more said they would have to ask for help or even move back in with their parents.
New Families
New families are perhaps the most obvious group to benefit from disability insurance coverage, as they often have the highest debt loads, and the most financial obligations, coupled with the costs inherent with raising young children and the fact that their earnings have not reached their peak yet.
Sadly, too many young families forgo disability insurance to save a few dollars now, only to find that it costs them far more in the long run.
Senior Families
Senior families often have far more financial responsibilities than singles or young families, but they have more financial backing to meet those obligations.
However, that means that a period without income would be that much more devastating to the family's financial standing.
Business Owners
Disability insurance coverage is not just for families or singles. It also provides peace of mind for business owners.
Having disability insurance protection allows the business owner funds to pay their employees, vendors and suppliers, in addition to rent and utilities.
Without disability insurance, would you be able to provide for yourself, your employees, and keep your business afloat?
The Next Step
Talk with your agent or Consultative Insurance Group - A Relation Company to obtain the best fit for your situation.
Herb DeCuers ARM, CRIS has over 48 years working in the insurance industry.