| When most of us think about the month of May, we | | | | Making matters worse, the current economic |
| envision Cinco De Mayo, Memorial Day, May Day | | | | conditions have lead many to deplete their savings. |
| (Beltane), or even the end of the school year, but | | | | That along with decreased home values leaves even |
| have you thought about buying Disability Insurance? | | | | less to fall back on in the event of a disability. |
| According to the LIFE Foundation - a Non-Profit | | | | Many assume that government insurance like |
| Organization that promotes education and financial | | | | Worker's Compensation or Social Security Disability |
| literacy about Life and Disability Insurance | | | | Insurance (SSDI) will protect them. The reality, |
| (LifeHappens.org), May is Disability Insurance | | | | according to the National Safety Council and JHA, is |
| Awareness Month (DIAM). Disability Insurance is the | | | | that over 95 percent of long-term claims due to |
| type of insurance that pays in the event that you | | | | injury or illness occur outside the workplace - |
| become ill or are hurt and unable to work for an | | | | exempting them from Workers' Compensation |
| extended period of time. | | | | coverage. |
| Most Americans pay little or no attention to this | | | | Additionally, about 60 percent of those who apply for |
| valuable and important type of insurance. The biggest | | | | SSDI are initially denied. Those that do end up |
| reasons seem to be because we all think a disability | | | | receiving benefit often have to wait five months of |
| won't or can't happen to us. | | | | longer before payments begin. To make matters |
| Now more than ever, Americans need to recognize | | | | worse, SSDI payments average just over $1,000 a |
| that the ability to earn an income is the greatest | | | | month - could you live on $12,000 per year? |
| asset they have. Unfortunately, many don't leaving | | | | So what should you do? First, find a qualified and |
| themselves open to great personal and financial risk. | | | | reputable "Financial Professional" that specializes in |
| According to the U.S. Commerce Department, | | | | disability insurance. Be sure to interview them and |
| National Association of Insurance Commissioners, and | | | | check their license and professional association status'. |
| America's Health Insurance Plans nearly: | | | | Second, complete a needs analysis with your |
| • 1 in 3 will suffer a disability of three or more | | | | "Financial Professional" to determine the financial risks |
| months during their working careers. | | | | should you be disabled. This should include all available |
| Those are the types of odds that you don't want to | | | | resources and monthly expenses to determine your |
| bet against. The numbers for even longer durations | | | | "income gap". |
| of disability aren't much better - | | | | Finally, take action. Once you have determined your |
| • 1 in 5 workers will be disabled for one or more | | | | need, implement a plan that provides the protection |
| years, | | | | you and your family need. No matter how good the |
| • 1 in 7 face the risk of a disability lasting five or | | | | planning is, without action it is worthless. |
| more years. | | | | |