According to the US Social Security Administration, one in four 20-year-olds will become disabled before they retire1. It’s an alarming statistic!

Disability Insurance Awareness Month, developed by the nonprofit organization Life Happens, encourages the consumer to ask themselves a simple question: would I be able to pay my bills and survive financially if I was unable to work for an extended period of time?

Myths of Disability Insurance

There are many common myths associated with disability insurance. At BenefitSource, we believe it is essential to break down the myths, so our customers know how important it is to protect themselves.

Learn the truth behind these common myths:

I don’t need disability insurance – While 25% of workers will experience a disability before they retire, the Council for Disability Awareness estimates that only 1% of the population believes they could be out of work for more than three months. Losing the ability to work due to illness or injury can happen without warning. It’s essential to protect yourself.

I am too young for disability insurance – Many consumers think that disabilities are a problem for the older generations who suffer from ailing health. However, the US Social Security Administration2 reported that more than 2.5 million disabled workers in their 20s, 30s, and 40s were receiving Social Security disability benefits in December 2012.

Workers’ compensation insurance will cover my disability – It is a common myth that most people become disabled in a work-related injury. Only 5% of disabilities are work-related3, which means 95% of disabilities are not covered by your employer’s workers’ compensation insurance.

I can purchase disability insurance when I need it – Attempting to purchase disability insurance once you have been diagnosed with a major illness or suffered an injury is difficult. If you wait to get disability insurance, you are likely going to be turned down or you will pay an extraordinarily high cost.

Social Security benefits will get me through my disability – In 2012, 65% of initial Social Security Disability Insurance claims were denied5, which means that those individuals had to rely on their own disability insurance or savings. For those who received benefits, 46% received less than $1,000 a month and 93% received less than $2,000 a month5. For most people, that is not enough to live on.

Disability insurance is more appropriate for men – In a review of 2013 disability claims4, the Council for Disability Awareness discovered that women made 56% of the claims. If you rely on your income to maintain your lifestyle and pay your bills, then disability insurance is essential regardless of your gender.

Talk With An Expert Today

A life changing disability can happen to anyone at any time. Purchasing disability insurance is an essential step in protecting your financial future. Let us help guide you in making the right insurance decisions for you and your family. Call your BenefitSource insurance professional directly at (877) 215-5431 or email us to set up an appointment to discuss all of your insurance policies today!

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1 U.S. Social Security Administration, Fact Sheet February 7, 2013
2 U.S. Social Security Administration, Disabled Worker Beneficiary Data, December 2012
3 Council for Disability Awareness, Long-Term Disability Claims Review, 2012
4 Council for Disability Awareness, Long-Term Disability Claims Review, 2014
5 U.S. Social Security Administration, Disabled Worker Beneficiary Data, December 2012