Disability Insurance Myths

Myth #1 - If I become disabled, social security will replace my income so I don't need disability insurance.

Don't count on Social Security to take care of all your needs if you become disabled. If you are able to get Social Security for your disability (not all get approved to receive disability benefits so don't assume you will) then you will still have to wait months before you receive benefits and your disability needs to be long-term to qualify.  The SSDI initial application process typically takes three to five months. And even if you qualify for benefits, will it match your current salary? Probably not.

Myth #2 - Life insurance is far more important than disability coverage

While many people are aware of the importance of purchasing life insurance, they're less likely to recognize how important it is to purchase disability insurance. That can be a big mistake. If you're under age 50, you're 50 percent more likely to be disabled for a period of time than you are to die. Most people underestimate the fact that they could become disabled. As a result, they are not prepared when something happens to limit their ability to earn an income.

You should make sure that your income is protected in the event that you are not dead, but unable to work. Don't overlook disability insurance as you purchase life insurance.

If you have questions about any of these disability insurance myths, call us today at 800-922-8381 to get the facts straight!