I Have a White Collar Job. Do I Still Need to Worry About Disability Insurance?

Yes!  Anyone without a disability policy is a good candidate for coverage.  This includes the self-employed; blue and white collar workers; those with high-risk occupations or hobbies; the highly skilled, high dollar wage earners; and especially those with medical impairments.

Consider the statistics:

  • One-third of all people between the ages of 30 and 64 will become disabled sometime in their lives. (Source: Health Insurance Association of America)
  • At age 32, the chance of being disabled for 90 days in 6.5 times greater than the chance of death. (Source: National Association of Insurance Commissioners)
  • Each year, one person in eight will suffer disability. (Source: National Association of Insurance Commissioners)
  • 75 percent of disabilities are caused by an illness rather than an accident. (Source: Commissioner’s Disability Table)
  • In the first year following paraplegia, living expenses average $259,531 per person. (Source: National SCI Statistical Center, 2005)
  • Only 17 percent of small businesses offer disability coverage. (Source: Life Insurance Market Research Association)
  • 48 percent of VA Mortgage Foreclosures are attributed to disability. (Source: FHA, Disability Income Concepts, 1998)
  • 82 percent of American workers have inadequate or no disability protection. (Source: Consumer Federation of America and American Council of Life Insurers, 2003)

These odds don’t scare you? You may in fact be happy with the disability coverage that your employer provides. About one-third of workers have at least some coverage, according to the Bureau of Labor Statistics. However, it is important to remember, that it may not replace all of your income, it may not last forever, and it’s likely to be taxable income if your employer is paying the premium.

You might not want to count on Social Security, either, because it may take more than a year for your claim to be processed, and even longer if you appeal a rejection. Also, it doesn’t pay out more than a few thousand dollars a month, and the eligibility rules are very strict.  Worker’s compensation, meanwhile, covers you only if you were hurt on the job. Most disability insurance claims don’t result from on-the-job injuries.

Bottom line: People can’t afford to be disabled whether your collar is white, blue,  gray or pink.

Call Jeff Pennington today at 1-877-221-6198 and let him help you make the best choice for your disability insurance policy. It helps to have an expert on your side to get the best rates and policy available from the right insurance provider.


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