Disability insurance is often one of those things that you don’t know you need—until you need it. In reality, everyone can use this at one point in their life. You have insurance to cover your house, your car, even your pets! Why wouldn’t you insure your ability to work? (And ergo your ability to pay your bills?) If you’re still thinking disability insurance isn’t for you, read on.
Who’s most likely to file a claim?
Honestly, our claims experience runs the gamut. Statistics show that more than 25% of Americans will be out of work for 3 months or morebefore the age of 67. If you were out of work for more than 3 months, what would you do? Experts recommend having at least 6 months’ worth of expenses in savings at any given moment, but how many people follow that advice? Fortunately, you can apply for disability insurance instead that will cover you without the wait.
Applicants of all ages, genders, nationalities, and health risks are likely to use disability insurance at some point during their working years. After all, that 25% statistic doesn’t even include absences less than 3 months—which are far more frequent. Don’t think of this insurance as a worst-case-scenario provision. Granted, it would cover you in the event of a major spinal injury or something similar. But, it’s also for maternity claims and trips or falls or sprains. Routine procedures like ligament repairs and carpal tunnel surgery can also cause you to miss work. That’s where our claims experts come in!
How can I get disability insurance?
Well, some people have the option to sign up for this coverage through their employer(s). Depending on your benefit package, the company may even cover the premium for you! Still, these plans often come with limitations. You may only be making a fraction of your regular salary—and that’s before taxes come out. At Freedom Insurance, we work with a variety of carriers to offer you individual disability insurance at competitive prices. Let us help you review your current coverage and address any gaps you might have.
We also work with self-employed people, subcontractors, and small business owners who don’t have the option of employer-provided plans. Together, we can look at your income, your expenses, and your budget to determine the right policy for you. In this case, individual policies have the advantage of being customized for your needs. Rather than conforming to a larger company policy, you can choose between short- and long-term coverage. Along with your waiting period, your benefit amounts, and everything else. Since you own the plan, you also don’t have to worry about it changing if your job does. We’ll just want to review it with you on an annual basis to make sure your coverage still fits your lifestyle. To learn more about your disability insurance options in Carroll County and Howard County, Maryland, give Freedom Insurance a call!