Insurance comes in many forms, including disability insurance. Choosing insurance is easily one of the most stressful parts of being an adult. There are many different levels and options out there, as well as other types of insurance. One of the most confusing types of voluntary benefits is disability insurance. Most people don’t know all that much about it – certainly not enough to choose the best protection for themselves – and many, many people believe these four common disability insurance myths.
“It’s Not Necessary.”
Many people think that disability insurance is unnecessary because they have other safety nets, such as banked sick or vacation leave, a nest egg, or a spouse’s income. They also may assume that they’d easily qualify for Social Security Disability or worker’s comp if these apply and that they will be enough. The truth is that for most people, these won’t be enough. Even Social Security usually isn’t enough to cover all the medical bills, let alone other expenses.
“I’m Not High-Risk”
Many people assume that they don’t need disability insurance because they aren’t at high risk of injury, but 95% of claims result from illness. Even the best preparation can’t ensure that you won’t get ill. Eating right, exercising, and seeing your doctor is excellent, but the unfortunate truth is that you could still suffer a major illness that keeps you from working.
“I’m Too High-Risk”
Conversely, some people assume that they’d never qualify for disability insurance because they’re too high of a risk. Often this is because they have a chronic illness that could have complications later. Sometimes, however, it is because they engage in risky lifestyles, such as extreme hobbies or drug use. Ultimately, these factors will be taken into account (as they are with other insurances, like life insurance), but they don’t necessarily bar you from being eligible for coverage. There are many carriers out there, and someone will likely have a policy for you.
“Only Men Need It”
This myth is rooted in older standards and, as such, is losing its hold. Since men were traditionally the breadwinners, the myth that only they needed disability insurance was a strong one. Did you know that women are just as likely to be employed as men? Thus, they need disability insurance just as much, if not more. Women file more Social Security disability applications than men because they’re at higher risk for long term issues (such as breast cancer). This factor also means that women pay higher premiums for this insurance than men do.
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Malden Solutions has a wealth of expertise in providing employer insurance solutions, HR solutions, and individual insurance solutions to businesses both big and small. Our team of seasoned professionals can help you navigate the rapidly-changing world of insurance with ease. We partner with businesses and individuals throughout the country to provide our dedicated services for employee benefits but also work within our surrounding communities in Maryland, Northern Virginia, and Washington, D.C. Contact us today to learn more about how we can provide effective, dynamic solutions for your business. Stay connected with us on Twitter, Facebook, and Linkedin.