Disability: Why It Could Happen to You

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​You use insurance to protect yourself against a wide range of risks. You have insurance for damage to your home and car. You have life insurance to protect your loved ones if you pass away. You have health insurance to cover your medical treatment. You might even have long-term care insurance to guard against future health threats.
 
But if you’re like many Americans, you may be missing protection against one of the biggest risks you face. It’s disability. According to the Council for Disability Awareness, 25 percent of working adults will face a disability that prevents them from working for at least a year at some point in their lifetime.1
 
Unfortunately, many workers aren’t prepared to face the threat. More than 50 million adults rely only on Social Security for disability protection. Fewer than half of American adults could cover three months of expenses if they were unable to work.1
 
Are you protected against disability? If not, you could be ignoring a sizable risk. Below are some pointers on why you could be vulnerable, and the impact disability could have on your life. A financial professional can help you further assess your risk and develop a strategy.

Causes of Disability
 
Many people assume that disability is caused only by accidents. If you avoid an accident or injury, you avoid disability. Simple enough, right?
 
Not quite. The truth is that a wide range of medical issues can cause disability. Below are some of the most common long-term disability causes:2
 

• Back issues, including chronic, ongoing pain
• Non-back injuries
• Complications from heart disease, including heart attacks and strokes
• Joint disorders
• Musculoskeletal issues like carpal tunnel syndrome
• Behavioral and mental health problems
• Digestive disorders
• Nervous system and cognitive issues

 
As you can see, this list includes a variety of health challenges. It’s common for an individual to face one, if not more than one, of these issues through the course of a multi-decade career.

Cost of Long-Term Disability
 
Long-term disability can have a substantial impact not only on your health, but also on your financial stability. You’ll likely face ongoing medical bills. Depending on the severity of the injury, you may need to hire in-home health aides to assist with basic tasks. Most important, though, you may be unable to work. Consider how your financial picture might change if you’re unable to generate income for months or even years.
 
Unfortunately, too few people are prepared for the risk. Many Americans have no disability insurance. While workers’ compensation may be available, that’s only for injuries suffered while on the job. Social Security also provides disability benefits, but the average monthly payment is only $1,197. That’s likely insufficient to fund your lifestyle.
 
Disability insurance can be an effective, cost-efficient way to manage a sizable risk. Contact us today at Capital Management Group. We can help you analyze the risk and develop a management strategy. Let’s connect soon and start the conversation.
 
1http://disabilitycanhappen.org/disability-statistic/
2https://www.benefitspro.com/2018/05/17/10-top-causes-of-disability-claims/?slreturn=20180917142631
 
Licensed Insurance Professional. This information is designed to provide a general overview with regard to the subject matter covered and is not state specific. The authors, publisher and host are not providing legal, accounting or specific advice for your situation. By providing your information, you give consent to be contacted about the possible sale of an insurance or annuity product. This information has been provided by a Licensed Insurance Professional and does not necessarily represent the views of the presenting insurance professional. The statements and opinions expressed are those of the author and are subject to change at any time. All information is believed to be from reliable sources; however, presenting insurance professional makes no representation as to its completeness or accuracy. This material has been prepared for informational and educational purposes only. It is not intended to provide, and should not be relied upon for, accounting, legal, tax or investment advice. This information has been provided by a Licensed Insurance Professional and is not sponsored or endorsed by the Social Security Administration or any government agency.
 
18185 - 2018/10/22

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