The disability insurance market is still developing and it is going to take a much longer time for it to reach a level of maturity like other insurance markets, e.g. health, life, or automobile. On their part, the disability insurance carriers are doing all they can to educate the market about the risk of disability and how one can cover against it. Every year in May, they observe disability insurance awareness month, wherein they reach out to the market with news, information, case studies, and lots more. They do it through conferences, seminars, workshops, and roadshows among other formats of market outreach. This has resulted in greater awareness of disability and the need for insurance against this risk but a lot of myths about disability still need to be debunked.
Disability is caused by accidents
If you are under the impression that disability is caused only by accidental injury, you are as far away from the truth as broad daylight is from a moonless night. All disability stories will tell you that over 90% of the disabilities are caused by illnesses and medical conditions, not accidental injury.
Read disability articles about the findings of the Council for Disability Awareness (CDA). The health conditions that mainly cause long-term disabilities are musculoskeletal and cardiovascular problems in addition to cancer and mental health issues. One in every ten disabilities is caused by accidental injuries. While musculoskeletal problems mainly relate to the muscles, joints, and back, cardiovascular problems are directly related to the heart.
Only old and infirm people become disabled
Before coming to such conclusions, you need to consider the disability concerns addressed by an insurance carrier, which offers such services. The main benefit is partial but adequate income replacement during disability when you are not able to work and earn your regular income.
Most if not all old folks do not earn active incomes beyond a certain age as they have their pensions and their savings to take care of their needs. Such income doesn’t stop whether the person is disabled or not. If you keep up-to-date with disability news stories, you would know that old folks aren’t covered by disability insurance; it is meant for young individuals.
Disability can affect only for a few months
Read any disability article and you would know that the average duration of disability in the United States is 31 months, which is over two and a half years. There would be many disability cases that continue for years and some may even extend to decades.
It would be a delusion to assume that disability will affect you for only a few months and then you would be back at work. Any disability podcast you listen to will caution you not to neglect the risk of long-term disability that may prevent you from working to earn your livelihood.
‘I won’t suffer any disability’
Such assumptions are normally the outcome of youthful exuberance but the real world is a lot meaner than what most folks seem to think. Just to put the record straight, one out of every four millennials in America today is likely to face some kind of disability in his/her lifetime.
Therefore, it is not advisable to delay the inevitable purchase of doctors’ disability insurance. Get in touch with a reliable broker advisor.
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