Most people think they aren’t at risk of becoming disabled. However, the facts about disabilities are sobering. According to the U.S. Social Security Administration, one in five Americans (56 million) is currently living with a physical or mental disability. And, more than one in four of today’s 20-year olds will become disabled before reaching their retirement age!
Today, many households rely on two incomes to pay the mortgageand all of the household bills. Without a solid disability plan, your family could be at a significant risk.
Relying on Social Security Disability to protect you may not be enough. It’s very difficult to qualify for Social Security Disability benefits. In part, that’s because the Social Security Administration uses a strict definition of “disability” and requires that you be unable to work in any occupation you would otherwise be qualified for based on your education, job experience and training.
Disability insurance purchased through an insurance professional is different. Disability income insurance generally uses an “own occupation” definition of disability rather than the “any occupation” definition used by the Social Security Administration, so proving you have a disability is less onerous.
It’s insurance coverage designed to be there to protect your income and your ability to meet your regular financial obligations if you weren’t able to work.