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.
Who are the best candidates for Disability Insurance?
Virtually anyone can benefit from the financial stability offered by this insurance protection, but let's break it down a bit more.
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 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 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.
Disability insurance coverage is not just for families or singles. It also provides peace of mind for business owners.
- How would you pay your employees if you were out of work for an extended period?
- How would you pay vendors and suppliers, or your rent and utilities?
Disability insurance can help, as well as, Consultative Insurance Group.
Herb Decuers CIC, ARM, CRIS joined our agency as an Independent Contractor of Business, Personal and Life Insurance Sales after 48 years of insurance experience in construction accounts, transportation and logistics companies, and agribusiness and general commercial. He is licensed in Property & Casualty with a Surplus Lines License. Contact information: (803) 772 - 6969 extension 208 or email: email@example.com.