Why You Need Disability Insurance
If you and your loved ones depend on your salary for support, then you probably need long term Denver disability income insurance. Think about it: if you were to become disabled, even for a few months, how would you and your family manage? Who would pay your bills? Disabling illness or injury is one of the leading causes of bankruptcy in the United States. Just like any other form of insurance, disability insurance promises compensation in the eventuality of an injury or handicap that prevents the policy owner from continuing his/her normal occupation.
Most people do not realize that their chances of becoming disabled are greater than their chances of dying prematurely. Yet they are more likely to buy life insurance than disability insurance. For this reason, people in the insurance industry call disability "the forgotten risk.' According to statistics from the Journal of the American Society of Chartered Life Underwriters, if you are age thirty to fifty-five, your chances of becoming disabled are two to three times greater than your chances of dying.
If you are thirty-five years old, you have a 50:50 chance of experiencing a disability lasting last three months or longer before you retire. One in seven workers will become disabled for more than five years before he or she reaches age 65.
Many people mistakenly believe that the government or Worker's Compensation will pay them an income if they become disabled. Actually, more than 80% of the people who apply for Social Security disability benefits are rejected. Social Security does not pay benefits for partial or short-term disability. Your disability has to either last a year or be expected to last a year before you can collect Social Security. Worker's Compensation pays only if you were injured on the job and benefits are often limited to a few years