You probably have many different types of insurance for your business. But many small business owners neglect what may be one of the most important types of insurance coverage – disability. According to the Disability Management Sourcebook, one in seven people will become disabled for five years or more before age 65.
Let’s talk about disability insurance. Now wait, before you hit stop, give us a minute to show you why disability insurance can be an important benefit that helps protect your income if you get injured or sick outside of work. You probably don't think twice about ensuring your car, home, or other valuables, so why wouldn't you ensure your most important asset: your paycheck? Many people think disability insurance is only for the physically-challenged or that social security will cover them if they become disabled. They also believe that disabilities only occur because of mishaps at work or as the result a freak accident. The truth may surprise you. Did you know that one in four twenty year olds will become disabled before they retire? Yeah, that means it could happen to you. And there are many causes of disabilities. Some common long-term conditions include back and neck pain, cancer, and heart disease. And don't forget about pregnancy, mental illness, and other stress-related diseases. These are also conditions that could keep you out of work for extended periods of time. Disability can really affect a person's earnings potential. Let’s say you're 26 years old, earning an annual income of thirty-five thousand dollars and you become disabled. You risk losing more than 2.5 million dollars if you remain disabled for the rest of your working life. Wouldn't you want to help protect that Income? Disability insurance can really be for everyone. It can help replace a portion of your income in the event of a disability so you can still pay toward your mortgage or rent, buy groceries, and pay bills, all while you recover. Now that's peace of mind.