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May 23
What Are the Odds?

Disability insurance is crucial for individuals with active lifestyles. Unexpected accidents, injuries or illnesses can result in a prolonged period of inability to work and earn a paycheck. Incidents while hiking, biking and skiing can lead to serious disabilities, affecting one's ability to work and maintain their standard of living.

Statistics from the Council for Disability Awareness (CDA) highlight the need for disability insurance:

  • One in 4 of today's 20-year-olds will become disabled before they retire.
  • Each year around 5% of working Americans will experience a short-term disability lasting six months or less due to illness, injury or pregnancy.
  • The leading causes of disability claims are musculoskeletal disorders, cancer, pregnancy and mental health conditions.

Here's why disability insurance is essential:  

1) Protecting income. Disability insurance replaces a portion of your income if you're unable to work due to a disability. Without this coverage, individuals risk losing their main source of income, which can significantly impact their financial stability. While many people purchase life insurance to replace their income in the event of their death, they do not consider that they are more likely to become disabled than to die during their working career.

2) Paying for medical expenses. Disability insurance can help cover medical expenses brought on by the disability, including rehabilitation, therapy and ongoing medical care. Even with health insurance, out-of-pocket costs can be a financial burden, especially if the disability results in the need for long-term treatments.

3) Maintaining your standard of living. Social Security benefits typically cannot maintain the pre-disability standard of living for you and your family, depending on your financial support. Becoming disabled can still mean that there can be decades of living expenses. Disability insurance is a critical backstop to provide income for a long period of time.

As a member of the Big “I," you have access to group insurance programs such as life, short- and long-term disability and dental and vision. For more information, contact Christine Muñoz or visit the Big “I" Employee Benefits webpage


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