Long-Term Disability Plans insure your ability to earn an income. How long would your assets last if you suffered a disabling illness or injury? We all insure our home, cars, boats, and other prized possessions. Yet, we often forget to insure the value of our income that makes those prized possessions possible. In some cases, you may have disability benefits provided through your employer. Those benefits may not cover your entire income. In other cases, you may not have access to employer sponsored disability plans and you may need to consider insuring your income or an affordable portion thereof. My job is to help you understand your options and the underwriting process for getting the coverage you need issued. Let's work together to protect your most valuable asset...your ability to earn an income. Let's talk today. ~ Reina Ruiz, Director
Disability income insurance is necessary and vital if you could not live without your current income. No one likes to think about what their life might look like if a long term disability occurred, however, the startling reality is that one in seven workers between the ages of 35 and 65 will suffer a disability lasting at least five years. If you and your family could not live without your employment income, we need to talk about insuring your ability to earn an income. Other facts and myths you may want to consider include:
Fact: Medical problems contributed to 62% of all personal bankruptcies filed in the U.S.Myth: "My expenses will decrease if I am disabled." Nothing could be farther from the truth. In most cases, expenses increase due to increased medical care, home renovations to support disability access, and other considerations.Fact: Approximately 90% of disabilities are caused by illnesses rather than accidents.Myth: "Social Security will cover my needs." The definition of disability for qualifying for benefits is stringent and difficult to meet. Over 67% of the claims filed for disability through Social Security are denied upon initial submission. Over 80% are denied upon appeal. That leaves you possibly fighting for two to three years for benefits you may or may not qualify for in the future.Fact: The average long term disability claim duration is 31.2 months. How would your household expenses be paid? How would your children complete their education dreams? What impact could disability have on your retirement?Myth: "Most people have an emergency fund that could get them through the first 90 or 180 days of a disability." Actually, 60% of Americans have no savings earmarked for emergencies.
67% of workers in the private sector have no long term disability insurance. Are you one of them?For more statistics and information: visit www.disabilitycanhappen.org.