If you are healthy and young, disability insurance is probably not something you have given much attention to. Most workers in this age bracket are likely to shrug it off as inconsequential because of how young they are.
One could ask in surprise, “Disability insurance? Compensation should I grow unable to work?” As in, “Why, this is the coverage that I actually do not necessarily need.”
You’d get a totally different take on things if you spoke to experts in the field who deal with liability and claims related to insurance on a daily basis. In fact, after hearing them out, you’ll be more thankful than ever that you have insurance.
Everyone knows in their hearts that life’s many gifts are not to be overlooked or taken for granted. Things like car accidents, failed businesses, and house fires are unfortunately common occurrences. Similarly, no one can promise that a life free from disease would remain that way forever, regardless of one’s present status.
Looking for additional information? The grim reality is as follows.
- Twenty-somethings have a higher rate of chronic sickness and injury than any other age group.
Over 700,000 workers and employees in the United States get social security disability payments every year.
One in fifteen workers annually submits a claim for temporary incapacity.
Almost half of all U.S. citizens lack the means to deal with a $400 medical emergency. - If you break or fracture your leg, you might be out of work for three months or more.
- The typical payout from long-term disability insurance takes around two years and six months to be paid out.
Constant pain in the head or back, cancer and its treatment, childbirth, vision loss, heart disease, psychological and emotional sickness, stroke, and other medical conditions and life events may all lead to a physical impairment at work.
Recent college grads may expect an average starting salary of $1,101 per month. Compare that to the maximum long-term disability claim of $125,450.
Given the statistics we currently know about the labor force, the consequences of a handicap that prevents a young person from working being uninsured would be catastrophic.
Have you heard?
35 percent of young workers report having trouble making ends meet each month.
- Seventy percent of Americans have less than $1,000 in savings.
- The situation is exacerbated by the fact that 31% of people in the age range of 18-30 have zero savings.
Financial obligations are a fact of life. Rent, a mortgage, car payments, school loans, and other monthly expenses. Protect your income and your capacity to make money to survive with disability indemnity insurance.