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By Dianne Malburg, R.Ph., CPIA, insurance agent, PSI Insurance Agency When you are young, you think you are invincible. As you get older, you don’t think it will ever happen to you. But life happens…and then what? According to a survey conducted by an organization called Life Happens, a person has a three in 10 chance of suffering a disabling illness or injury that would keep them out of work for three months or more during their career. If you have people that depend on you to make mortgage payments, cover college tuition or just bring home the bacon—you need to consider purchasing disability insurance. Disability income may be used to replace earned income while disabled from sickness, injury or mental or nervous disorder. Many people believe they will be covered by Social Security or workers’ compensation if they were to become disabled. The Council for Disability Awareness reported in its 2010 Long-Term Disability Claims Review, “Only 35% of workers applying for Social Security Disability Insurance claim payments in 2009 were approved.” Statistics have shown that less than 5% of disabling accidents and illnesses are work related. I personally can tell you several true life stories about friends who were healthy, financially stable and then they suffered a serious illness. The consequences to their financial well-being were devastating and negatively impacted their family’s quality of life. No one ever wants their family to make huge sacrifices which is why disability insurance should be part of everyone’s life. Disability insurance is the most overlooked type of insurance. It is for this reason that the month of May has become known as Disability Awareness Month. It’s the perfect time to ask your insurance agent how you can protect your livelihood in the event of a disabling event. You don’t have to wait until May to check on your disability insurance. Call PSI Insurance Agency today at (800) 678-2774 and start the conversation.
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