Many unexpected life events can render consumers incapable of earning the income needed in order to provide for their family.
Purchasing disability insurance may help your income endure short-term or long-term injuries. A recent report by research organization LIMRA indicated that many consumers are not considering insurance coverage for on-the-job injuries.
Kimberly Landry an analyst with LIMRA said in a press release that while 6 in 10 insurance consumers state that they would have difficulty paying their day-to-day bills if they became disabled and had to take time off from work, the short-term and long-term risk of losing income often goes ignored and they do not realize how financially devastating the lack of disability insurance can become.
“The reality is three in ten people will suffer a disability that could keep them out of work for three months or more,” said Landry.
In honor of Disability Insurance Awareness Month, LIMRA recently launched a campaign Protect Your Paycheck which offers a tool kit, short videos and fact sheet to consumers that highlights the need for disability insurance.
“It’s important to remind Americans that protecting and providing for yourself and your family in the event of a disabling accident or illness is an act of love,” said Robert Kerzner, president of LIMRA, LOMA and LL Global.
Cost-cutting consumers may be able to bring their disability insurance premiums down by choosing a benefit period – like one that ends at age 65, for example – or picking a longer waiting period than the usual 30 days, according to the Insurance Information Institute.
