Imagine for a moment that you’re suddenly unable to work due to a serious illness or injury. How would you pay your bills, put food on the table, take care of your children, or keep a roof over your head? For most people, losing their primary source of income or a primary caretaker, could be financially devastating.
In fact, 1 in 4 of today’s 20-year-olds will become disabled before reaching age 67.¹ And the average long-term disability claim lasts over 31 months.² This underscores the importance of having a financial safety net in place.
That’s where disability insurance comes in. This essential coverage provides a monthly income stream if you find yourself unable to work and earn a paycheck. At Hubl Insurance, we believe disability insurance is a critical component of any comprehensive financial plan – and in this post, we’ll explain why.
Who Needs Disability Insurance?
The simple answer is: everyone who earns an income or contributes to a household. Whether you’re a high-powered executive, a manual laborer, or a stay-at-home parent, your ability to generate income and provide childcare is your most valuable asset. Disability insurance protects that asset in the event of an unexpected illness or injury.
Some key groups that particularly benefit from disability coverage include:
- Small business owners and self-employed individuals who don’t have access to group plans
- Families that rely on dual incomes to cover their living expenses
- Highly compensated professionals like doctors, lawyers, and executives
- Workers in physically demanding occupations with higher injury risks
- Stay-at-home parents whose caregiving duties are essential to the household
Even if you don’t earn a traditional paycheck, disability insurance can help cover the costs of hiring in-home care or childcare assistance if you’re unable to perform your daily responsibilities.
When Would Disability Insurance Help?
Disability insurance provides benefits if you become unable to work due to a covered disabling event. This could include:
- Serious illnesses like cancer, heart disease, or stroke
- Debilitating injuries from accidents, such as a car crash or slip and fall
- Chronic conditions like back pain, arthritis, or mental health disorders
Benefits are typically paid as a monthly income stream, which can help cover essential expenses like mortgage/rent payments, groceries, and medical bills. Policies may also include provisions for partial disability, allowing you to receive benefits if you can only work reduced hours.
The Financial Risks of Going Uninsured
Only 48% of private industry workers have access to short-term disability insurance through their employer.³ And around 1 in 3 adults in the U.S. live in a household that would face financial hardship within a month if the primary wage-earner lost their income.⁴
With 65% of working Americans living paycheck-to-paycheck,⁵ the impact of lost wages due to a disability can be devastating. In fact, medical bills are a contributing factor in over 62% of personal bankruptcies.⁶
Preparing for the Unexpected
No one likes to think about becoming disabled, but the reality is that nobody expects serious illness or injury will come to their doorstep yet it does happen. Disability insurance provides invaluable financial protection when you need it most.
At Hubl Insurance, we’re passionate about helping our clients safeguard their family from unnecessary hardship and secure their financial futures. Contact us today at eugene@hublinsurance.com to learn more about tailoring a disability insurance policy to your unique needs and budget. With the right coverage in place, you can have peace of mind knowing your family will be taken care of, no matter what life throws your way.
¹ Social Security Administration
² Council for Disability Awareness
³ Bureau of Labor Statistics
⁴ Federal Reserve
⁵ CareerBuilder
⁶ American Journal of Public Health3
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