A few years ago, Forbes published an article entitled “5 Myths About Disability Insurance.” We couldn’t agree more with most common disability insurance myths set forth in Ashlea Ebeling’s article and suggest you give it a read. In short, Ms. Ebeling noted some common misconceptions regarding disability insurance:
- you won’t ever need disability insurance
- worker’s compensation will cover you
- only men need disability insurance
- you don’t need it until you’re older, and
- it’s better to get disability insurance on your own.
As the article notes, one in four 20-year-olds will become disabled and unable to work before they reach the age of 67. While worker’s compensation will cover you if your injury occurs while you’re on the job, less than 5% of disabilities are work-related. In fact, 90% of long-term disability claims are illnesses as opposed to accidents. More than half of disability recipients are women. A third of disability recipients are under age 40. Finally, you should check with your employer to see if they have a benefit program that pays 100% of disability insurance premiums. If so, you should be taking advantage of this offer as only about one third of private industry workers have access to employer disability insurance coverage.
In the event your employer does not have a disability insurance program (or perhaps you’re self-employed), it’s important to shop around to find the best available policy for you. At Montana Life Group, our agents are not beholden to any one insurance carrier. Therefore we can search hundreds of disability insurance providers to find the policy that best fits your needs – whether it be the lowest monthly premium, strongest coverage, a true own-occ policy, or a blended approach.
Free custom disability insurance quote.
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