Disability insurance is protection for your most valuable asset — your income. If you become too sick or hurt to work, your disability insurance policy replaces a portion of your monthly income so you can still meet your financial obligations while you recover. Use your disability insurance benefits to take care of your family and pay the bills, like your mortgage/rent, student loans, car payments, childcare, utilities, and out-of-pocket medical expenses — just like you would your regular income.
The value of owning disability insurance is clear. It becomes even more of a no-brainer when you consider the likelihood you’ll need to use the benefits, the lack of available alternatives, and how easy it is to apply for affordable coverage online.
The chances of becoming disabled are higher than you think
The Social Security Administration reports 1 in 4 Americans will experience a disability at some point in their working years. In fact, you’re over three times more likely to experience a disabling injury or illness than you are to die in your working years. This is why companies like Breeze are making it easier to buy disability insurance online.
The importance of having disability insurance coverage becomes even clearer when you consider this: 70% of Americans couldn’t last a month without a paycheck before experiencing financial hardship and 47% of Americans couldn’t cover a $1,000 expense with just personal savings.
Other coverage options don’t provide the financial protection you need
Disability insurance is often overlooked because people think they already have coverage through the government or their employer. While that may be the case, the benefits offered by these types of coverage are usually insufficient.
- Only 30% of claims for Social Security Disability Insurance (SSDI) are approved. Even then, the average payment for SSDI is only $1,277 per month in 2021.
- While group coverage is certainly nice to have, benefits are limited and coverage will be lost if you leave your employer for any reason.
- Worker’s compensation only covers disabling events that are a direct result of work. The majority of disabilities happen outside of work.
These types of coverage all have shortcomings that make them difficult to rely on. That’s why it’s smart to buy a disability insurance policy that is tailored to meet your unique financial needs.
Be proactive now, prepared later
Disability insurance empowers you to protect your ability to earn a living and everything that it provides for you and your loved ones. It can help pay the bills and put food on the table while you recover from a disabling event. It allows you to maintain your quality of life in your time of need.
Being proactive now allows you to find the right disability insurance coverage for your needs and enjoy financial peace of mind. With a simple online process and disability insurance plans starting at $9 per month, Breeze makes it easy to protect your income.