May is Disability Insurance Awareness Month

Disability Can Happen at Any Time. Are You Insured?

Disability can happen to anyone at any age: A sudden injury, accident, or illness that causes disability can happen to anyone at any age, but the likelihood of such occurrence increases as we grow into our senior years. To create awareness about disability and what we can do to insure ourselves in case we should become disabled, a nonprofit organization called Life Happens has designated May as Disability Insurance Awareness Month (DIAM).

Disability Insurance, often called DI or disability income insurance, insures a person’s earned income against the risk that a disability prevents them from performing the core functions of their work. That is, if you’re no longer able to work due to a psychological disorder or an injury, illness or condition that causes physical impairment or incapacity, the insurance will pay you monthly benefits to provide you with income while you’re disabled.

Without a paycheck from an occupation, how long would you be able to make your mortgage or rent payment, buy groceries or pay your credit card bills without feeling the pinch? If you’re like most, it wouldn’t be long at all: Half of working Americans couldn’t make it a month before financial difficulties would set in, and almost one in four would have problems immediately.

3 reasons you think you don’t need disability insurance (but actually do)

The Life Happens website offers three reasons one might think they don’t need disability insurance:

“I’m healthy. A disability will never happen to me.” Truth: You actually have a three in 10 chance of suffering a disability that keeps you out of work for 90 days or more at some point during your career, according to a Life Happens survey. You just don’t know which side of that statistic you’ll be on.

“I could rely on government benefits.” Truth: Most long-term disabilities are a result of an injury or illness that is not work-related, and so wouldn’t qualify for Workers Compensation. And if you’re counting on Social Security disability benefits, those pay an average of $1,100 a month, which would leave you living right around the poverty level.

“I have disability coverage through work.” Truth: You may, but it’s more than likely you don’t. Most (70%) private employers don’t offer long-term disability insurance, according to the U.S. Department of Labor.

Life Happens is a nonprofit organization dedicated to helping Americans take personal financial responsibility through the ownership of life insurance and related products, including disability and long-term care insurance.

Information for those with disabilities

The following websites provide information for those with disabilities.

Disability.gov — A federal government website that provides comprehensive information on disability programs and services in communities nationwide. The site links to more than 14,000 resources from federal, state, and local government agencies.

State Councils on Developmental Disabilities — Information and links to the 56 State Councils on Developmental Disabilities, which are federally funded, self-governing organizations charged with identifying the most pressing needs of people with developmental disabilities in their state or territory.

Protection and Advocacy Agencies (P&A) — Information and links to the 57 P&As across the United States that are dedicated to the ongoing fight for the personal and civil rights of individuals with developmental disabilities. P&As provide legal support to traditionally underserved or underserved populations to help them navigate the legal system to achieve resolution and encourage systems change.

Alternatives for Seniors — A print and online directory that specifically caters to the housing and personal care concerns of senior citizens and their families. Call a senior specialists at (888) WE-ASSIST (888-932-7747) or visit the Alternatives for Seniors website to begin searching for the perfect home for you or your loved ones.

BLOG Date: Thursday, May 22, 2014

Writer: Ryan Allen