Protecting your PAYCHECKS is just as important as safeguarding any financial app you use for money transfers. Just like that app, your ability to earn a paycheck is a critical asset, but it’s vulnerable to risks like illness or injury.

Approximately 25% of adults live with some form of disability, ranging from vehicle accident injuries and back issues to complications with health ,critical illness treatment. This insurance is designed to help in such situations by replacing a major portion of your earnings if you’re unable to work due to sickness or injury, providing a crucial financial safety net.

Often, we don’t think about safeguarding our paycheck, yet it’s essential for maintaining our lifestyle and securing our future.

Imagine being too sick or injured to work – how would you manage your monthly financial obligations? 

The impact of not having an income can significantly alter your future plans.

If you haven’t considered disability income insurance yet, it might be due to certain prevalent misunderstandings. It’s important to get the right information and dispel these common myths about disability insurance

COMMON MISUNDERSTANDING ABOUT DISABLITY INSURANCE 

• I already have similar coverage through my job : Many think work coverage is sufficient, but it often only covers a part of your salary and is taxable. Consider getting additional tax-free disability insurance to fill the gap.
• I am only a Part Timer : Whether you work full-time, part-time, are self-employed, or a stay-at-home spouse, disability income insurance is available to you.
• Insurance is Expensive : Disability insurance is generally budget-friendly, costing about 1% to 3% of your salary. The price depends on factors like the waiting period for benefits, duration of benefits, and the income amount you want to replace.
• I can get this coverage later: It’s better to buy insurance early as costs can rise with age and health changes. You can start with minimal coverage and increase it later as your income grows.
• I have enough savings for emergency : While having an emergency fund is essential, it may not last long. Disability insurance can provide additional security.
• I believe my costs will decrease if I’m staying at home.: If you’re not working due to illness or injury, you might face new expenses like medical bills, reducing any savings on regular expenses.
• My spouse’s monthly income will cover any financial shortfalls/gaps: Depending on a single income in a two-income household might not be sufficient to cover all expenses and maintain your lifestyle.
• I can easily use government benefits, if needed: Getting approved for Social Security disability benefits is difficult and might only cover a small part of your income.
• My job is generally safe , I dont need coverage: Most injuries or illnesses occur outside of work, meaning workers’ compensation might not cover them. Only a small percentage (9.1%) of injuries that could be prevented happen at work, while the majority (76.3%) happen at home, as reported by the National Safety Council in 2021. It’s important to remember these facts.

Even if your employer provides some disability coverage, it’s wise to consider additional insurance to ensure financial stability in case you’re unable to work. Crowdfunding platforms like GoFundMe are not reliable alternatives for income protection.

Get in touch with Cibi Thomas today to discuss your existing protection and receive personalized guidance. 

Be Safe!