Are You Protected?

Imagine This

Imagine you had a machine in your living room that generated $100,000 per year. Would you spend 3% of that $100,000 to ensure that machine keeps working?

Imagine you had a Triple Crown racehorse that generated over a $1,000,000 a year in winnings.  How far would you go to protect your winning racehorse? Would you insure the horse?

Having traditional medical insurance is essential. However, it doesn’t cover every expense related to an injury or illness, and bills can quickly pile up.

Why do you need disability insurance?

For working-age individuals, a disability refers to a medical condition that reduces your ability to perform your office duties, and the risk is higher than most employees realize. Nearly one-third of employees will miss more than one month of pay due to injury or illness, and unfortunately, over one-quarter of Americans entering the workforce today will become disabled before they retire.

Disability insurance is designed to protect you in the event of an unexpected illness, accident, or death. You may be skeptical about needing disability insurance, especially since 70 percent of Americans live paycheck-to-paycheck. Ask yourself if you could afford to be disabled and without a paycheck for weeks or months, in addition to having to pay medical bills.

According to a recent survey from Bankrate, 57 percent of Americans don’t have enough cash to cover a $500 unexpected expense, nearly 23 percent of Americans have less than $100 saved for a car repair, and 25 percent of Americans have less than $100 in savings for medical expenses. If not prepared, an unforeseen medical expense can bankrupt you.

With disability insurance, you have coverage that provides you with income protection should you lose time on the job due to an injury or illness, which means you will receive a partial replacement of lost income. Some causes of disability are mental disorders, spine and joint disorders, arthritis, back pain, cancer, diabetes, heart attack, etc.  Unfortunately, the risk of disability is greater than most employees realize.

Less than 10 percent of disabling injuries and illnesses are work-related; the other 90 percent are not, so workers’ compensation does not cover them.

Are you protected?

Health insurance provided by your employer guarantees that the doctors, the hospital, and the nurses, get paid. Who assures that you get paid? Paying a small premium now can help protect you financially later. Disability insurance can offer you peace of mind with short- and long-term disability coverage options.

Studies show that working-age adults are more likely to suffer from lengthy disabilities in any given year than they are to die. Unless it is offered through their employer, most adults have little, if any, disability insurance coverage, and when you become disabled and lose time at work, your source of income is eliminated. In addition to lost income, you are most likely experiencing an increase in medical expenses to deal with your disabling injury or illness.

The possibility of becoming disabled is very real for working Americans, and so are the financial consequences and costs associated with it. For more information about protecting yourself and your family against an unexpected disability, contact Sapoznik Insurance, your current insurance broker or human resources department today.

Lowell Richard, a New York native, almost made his debut at the Metropolitan Opera as his mother went into labor while attending. Residing in Florida since 1975 and a graduate of the University of South Florida, he has spent the last 31 years providing quality health, life, and disability insurance products to both his group and individual clients.  Lowell is particularly passionate about disability insurance due to unfortunate accidents and debilitating sicknesses that have affected his immediate family.  Lowell joined Sapoznik Insurance in January of this year and is eager to be working with such an established and diverse organization.

This is not intended to be exhaustive nor should any discussion or opinions be construed as legal advice.