wheelchairEverybody loves to see a popular rumor or myth either confirmed or, even more interestingly, debunked.  Well, in a recent article, LifeHealthPro did just that with four common myths about disability insurance and how necessary it is for most individuals.

Here they are:

  1. The chances of an individual experiencing a disability during their working years is low.  False!  The odds of a worker becoming disabled during the span of their working career is a shocking one in four.
  2. Most individuals could manage to get by even if they experienced a lengthy disability.  Untrue!  In fact, in a 2014 Bankrate survey, less than 40{d044ab8acbff62f209a116f8142e303cb886f535b0fcf58cb82cde7cb327d3c9} of Americans said they could even scrape together $1,000 to pay for an unexpected ER visit.
  3. There will be another source available to pay the bills.  Incorrect!  Many individuals think that, in the event of a disabling accident or illness, Social Security or workers’ compensation would be sufficient.  The fact is that 95{d044ab8acbff62f209a116f8142e303cb886f535b0fcf58cb82cde7cb327d3c9} of disabilities are not work-related, and almost 2/3 of Social Security disability claims were denied in 2012.  Even those approved rarely paid over $2,000/month.
  4. Disability insurance is easy to understand.  Not so! Almost 3/4 of workers say understanding the disability benefits offered to them is important, yet 30{d044ab8acbff62f209a116f8142e303cb886f535b0fcf58cb82cde7cb327d3c9} have never thought about preparing for for one.
Not only is disability insurance an important piece of the employee benefits puzzle, your employees’ understanding of it is equally essential.  You can find out more by clicking here.