Injuries and illnesses can cause devastating financial problems. Data from the past several years indicates that more than half of personal bankruptcies and home foreclosures are caused by the financial hardship of a disability. While many people assume that if they have health insurance they are covered and everything will be fine, what they don’t take into consideration is the fact that they may not be able to work if they are injured or disabled. This leaves them with no money for house and car payments, medications, bills, insurance deductibles, and often the basics of daily living.

Statistics say that more than 65 percent of Americans live paycheck to paycheck; if a disability were to occur, they would fall behind in a matter of weeks. While auto insurance, home insurance, and health insurance are standard rates in America, disability insurance is becoming increasingly popular. This insurance can help soften the financial impact of a disability, help protect your assets, and help protect your family and lifestyle.

Disability insurance plans can help you maintain your home and car payments, pay for medications, and keep your life on track while you wait for the Social Security Administration to make a decision on your claim, which can take anywhere from a few months to a couple of days. of years. While the Social Security Administration is addressing the backlog of claims, it is still far behind, and the wait can put undue stress on your life. Many lost their homes, cars, filed for bankruptcy, could not afford medication, and even died while waiting for the disability process.

Statistics also report that 3 out of 10 people will become disabled before they retire. With those statistics, it makes sense to protect yourself with disability insurance.

While you may not think you have the extra budget to pay for another insurance plan, in many cases you can maintain your current health care budget by receiving health insurance savings or choosing a higher deductible, allowing you to fund extras to buy disability and peace of mind insurance. of the mind.