The Importance of Disability Insurance

malden solutions disability insurance

Disability insurance can help you when you can’t work.

None of us want to consider the worst-case scenario for any situation, which is only understandable. Unfortunately, not thinking critically about your plans in the event that an accident occurs can lead to steep bills and plenty of stress. What are some of the reasons why you should invest in disability insurance? 

You or Your Family Rely on Your Income

Did you know that people who are only going to be out of work for a few months are ineligible for social security disability benefits? Even if you are going to be recovering for over a year, there is still a possibility that you will not be eligible for benefits. Can you afford to go a year or more without any income? If you rely on your income or have a family that depends on it, you should consider a disability insurance policy. 

Many People Underestimate Their Risk

It is natural to underestimate your risk, but this can lead you to skip out on purchasing a disability insurance policy that could help you if you are the victim of an accident or a debilitating injury or illness. It’s important to realize that anything could happen at any moment, and a surprise illness or injury could lead to financial distress. 

The Council for Disability Awareness has alarming statistics on just how common disabilities are. For example, one in four 20-year-olds will be disabled before they reach retirement age. Additionally, the average healthy 35-year-old worker has over a 20% chance of being disabled for three consecutive months or longer over the course of their working career.

You Don’t Want to Sacrifice Your Goals

A single illness that lasts for a few months may put you in serious financial situations quickly, as there are many different things that the average person needs to take care of. While you might immediately think of short-term needs, like rent or childcare expenses, needing to put all of your extra income towards medical bills can also lead to sacrifices for the future and savings goals like a wedding or retirement. Disability insurance can keep your future plans intact.

Secure Your Future with Malden Solutions

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.

This entry was posted on Friday, June 16th, 2023 at 11:40 am. Both comments and pings are currently closed.