For many, the thought of investing in a long-term disability insurance policy may sound like an unnecessary expense. It is estimated that roughly 86 percent of Americans have desk jobs, therefore it is easy to understand why they might be under the impression that they have little to no chance of becoming disabled during the course of their career. This is a potentially dangerous mistake.
The Odds of Needing Long-Term Disability Insurance
While it is true that those who work more labor-intensive jobs may have an increased risk of becoming injured or disabled at some point in their careers, those who work in office settings also have at least a one in four chance of the same thing happening to them.
In 2015, the Bureau of Labor Services estimated that there were 1,153,490 cases of work-related injuries and illnesses that resulted in missing days from work. This statistic can be scary for both businesses and individuals alike. And while most states mandate that every business with one of more employees must have workers’ comp. insurance, what happens when workers’ comp. and social security disability benefits just aren’t enough?
If you find yourself injured or sick and unable to earn an income, mounting medical bills, combined with the general cost of living expenses can quickly become overwhelming. You are not alone… it is estimated by the Council for Disability Awareness that over one in four will find themselves disabled prior to retiring.
Could your family sustain the loss of your paycheck? Many, if not most, could not. According to the 2012 Life Happens Disability Survey, only half of working Americans have enough money in their savings to financially handle being out of work for one month before feeling any sort of financial strain. For members of the FCA who opt to invest in member group long-term disability insurance plans, monthly benefit amounts range anywhere from a minimum of $1,000 to a maximum of $10,000.
While most people may equate being disabled with a workplace injury of some sort, in all actuality, less than 5% of disabling accidents and illnesses are work related according to the Social Security Administration, and even then the average monthly benefit in Social Security Disability is $1,165 a month. Could you support your family on only $1,165 a month?
Protecting Your Financial Security
The key to protecting your financial security is planning ahead. That is where Long-Term Disability Insurance comes in. Long-Term Disability Insurance will help you pay for things such as your mortgage, utilities, child care expenses, and other everyday living expenses should you become disabled. To ensure members have access to the long-term disability insurance plan options that they need to protect themselves and their family’s financial security in the event they become disabled, the FCA Private Insurance Exchange programs provides Member Group Health Insurance plans through well-known insurance provider Guardian, to fulfill their need.
If you wish to receive more information about how you can safeguard your financial future in the event of being diagnosed with a long-term disability, please visit www.fcachiro.memberbenefits.com/long-term-disability/ to view the complete Long-Term Disability brochure or to download an application.