BeamaLife Blog

Preparing for risk always begins with recognizing that there is one, and then calculating the chances that it will actually happen.  But, as an article that I read recently pointed out, “the odds of a disability are themselves odd.” 

Some sources will tell you that you have an 80% chance of suffering a disabling illness or injury in your lifetime.  Others put the chances closer to 50%, and still others as low as 30%.  The number you hear – the number you choose to believe – is what will make the biggest difference in how you choose to handle this particular risk.

I like to think of it this way:  if the weatherman says there’s a 100% chance of rain, you’ll grab an umbrella before you leave the house.  If he says the chance is 50%, you may or may not.  But the important thing is this:  you know that it does rain, once in a while, almost everywhere, and so at some point in your life you buy an umbrella.  Or several umbrellas. 

Whether the chances that you will suffer a disabling injury are 80%, or 50%, or 30%, you need disability insurance protection.  Because every year, in this country alone, 31 million people just like you get rained on.   Maybe it’s a passing sprinkle, like a sprained ankle; inconvenient, but something you can recover from.  Maybe it’s a thunderstorm, like a mild stroke; sudden, disrupting, but again, only temporary.  And maybe it’s a downpour that not only never stops, but gets worse as time goes on, like multiple sclerosis. 

Don’t let the fact that you get different numbers from different sources be the reason that you become complacent.  Accidents happen.  Illnesses do come.  And without disability income protection, you’re left not only disabled, but disabled without any income.  About a third of all U.S. employers provide disability insurance.  But, since that coverage is employer paid, the benefits are taxed, so if you’re out on disability, you may be forced to make ends meet on 40% of your predisability earnings.

Who would you turn to if you couldn’t work?  Don’t think that Social Security will rescue you, despite the fact that you’ve been paying into it for years.  It can take more than a year for your claim to even be processed, and even longer if your claim is rejected the first time around.  Workers compensation?  Such claims are paid much more quickly, but the vast majority of disabilities are not work related, so workers comp is not an option. 

What are the chances that you’ll suffer a disabling illness or injury in your lifetime?   No one really seems to know that.  But here’s one thing you can be certain about.  You are your best advocate and your ultimate safety net.  You can make sure that your financial future is secure.

If you don’t have your own disability income protection policy, now is a good time to apply for one.  We’ll help you find the right combination of coverage and premium so that you’re prepared for whatever happens, come rain or come shine!