This type of insurance is meant to protect you in case of a disability hindering your ability to work. This applies if you are unable to perform the core functions of your job due to the development of a physical or mental limitation. It can be caused by an accident, an illness, or psychological disorders. It includes short-term disability benefits, long-term disability benefits, and paid sick leaves.
Purchasing disability insurance is a big decision, and there are many misconceptions associated with it. A recent study released can clear out some of these misconceptions. Let's look at some of the most common misconceptions to better understand this type of insurance.
1. I will not need it
This is probably the main reason many do not get disability insurance. Many believe that they will be working until the age that they retire. This is true for many, however you may be surprised on the frequency of people who stop working earlier than expected due to a disability. In fact, billions of dollars in claims for long-term benefits have already been paid out.
2. I am already covered by worker's compensation
If your current employer provides workers compensation, you may feel like you are already covered. The fact is, workers compensation covers you in the event of an illness or injury that occur on the job. What is not covered are instances that happen while outside of your work. Based on the study, only 5% of disabling accidents or illness were work related. With a great majority of incidents out of work. We typically spend 8 hours a day at work. This gives majority of our time outside of the confines of work.
3. I can easily get it on my own
Yes it is true that disability insurance is readily available and easily reached. However, there are many advantages of getting a group insurance policy through your employment. The most obvious is that it is generally more affordable. Some employers even offer to pay the full premium, while some offer to pay for a portion. It would be beneficial to take full advantage if your employment has this offering.
4. It's too early for me to get one
You will never know when a debilitating sickness or accident may happen. In fact, around 40% of long-term benefits were given to individuals younger than 50 years of age. What is even more surprising is the fact the a third of them were even under 40 years old.
Jonathan Leonard Insurance has its clients as their first priority with affordable rates and clever policies. To learn more about how we can help you please contact our agency at (302) 887-9025 or Click Here to request a free quote.
1. I will not need it
This is probably the main reason many do not get disability insurance. Many believe that they will be working until the age that they retire. This is true for many, however you may be surprised on the frequency of people who stop working earlier than expected due to a disability. In fact, billions of dollars in claims for long-term benefits have already been paid out.
2. I am already covered by worker's compensation
If your current employer provides workers compensation, you may feel like you are already covered. The fact is, workers compensation covers you in the event of an illness or injury that occur on the job. What is not covered are instances that happen while outside of your work. Based on the study, only 5% of disabling accidents or illness were work related. With a great majority of incidents out of work. We typically spend 8 hours a day at work. This gives majority of our time outside of the confines of work.
3. I can easily get it on my own
Yes it is true that disability insurance is readily available and easily reached. However, there are many advantages of getting a group insurance policy through your employment. The most obvious is that it is generally more affordable. Some employers even offer to pay the full premium, while some offer to pay for a portion. It would be beneficial to take full advantage if your employment has this offering.
4. It's too early for me to get one
You will never know when a debilitating sickness or accident may happen. In fact, around 40% of long-term benefits were given to individuals younger than 50 years of age. What is even more surprising is the fact the a third of them were even under 40 years old.
Jonathan Leonard Insurance has its clients as their first priority with affordable rates and clever policies. To learn more about how we can help you please contact our agency at (302) 887-9025 or Click Here to request a free quote.
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