Without a paycheck, it would not be long before making a mortgage or rent payment, buying groceries or paying bills would become difficult. Half of working Americans couldn’t make it a month before financial difficulties would set in, and almost one in four would have problems immediately.
“Disability insurance ensures the recipient receives an income to make ends meet until they are able to return to work,” said Butch Zemar, President of Elite Benefits of America, Evergreen Park. Zemar offers a variety of disability insurance options including income replacement disability insurance, buy/sell disability insurance, Keyman disability insurance, and critical illness insurance.
The possibility of a disabling illness or injury may seem remote, but statistics say otherwise. There is a three in 10 chance of suffering a disability that can keep someone out of work for 90 days or longer at some point during their working career. And 90% of disabilities are caused by illnesses, not accidents.
Most people have some kind of personal debt, such as a mortgage or credit card bills. A severe injury or illness would severely reduce the possibility of maintaining a standard of living for an extended length of time. Plus, a disabling injury or illness could lead to medical bills, modifications to a car or home or other unforeseen needs that can be quite expensive.
In the long term, lifetime earnings of a 25-year-old worker who makes $50,000 a year and suffers a permanent disability could lose $3.8 million in future earnings. For all these reasons, almost anyone who works—whether they’re single, married, with children or without—should consider disability insurance.
“In the event you sustain a disabling injury or illness, there are several sources of disability benefits you might be able to tap into, including from the government and your employer,” said Zemar. “However, there are limitations on these benefits, and they may not be sufficient to meet your income replacement needs. It makes sense, then, to consider obtaining additional coverage, either through the workplace or on your own.”
For more information on Elite Benefits of America, call 1-888-535-3006 or go to www.elitebenefits.net.