Disability Insurance Awareness Month

Disability Insurance Awareness with First Financial Group

Each May, Disability Insurance Awareness Month takes place. While it might not get a lot of mainstream attention, it is certainly something that people should pay attention to. Disability coverage is one of the most overlooked benefit plans out there. In fact, statistics show that roughly 30% (1 in 3) of working Americans do not have adequate disability coverage*.  Take time this month to learn more about this insurance and why you need it.

What is Disability Insurance?

Employers and banking institutions created disability insurance to get American workers thinking about why they need to protect their ability to earn money. A disability, or physical limitation, whether temporary or permanent, can hinder a family’s household income. Therefore, having this form of coverage can truly benefit you and your family in times of great need.

Life and health insurance are usually must-haves for a lot of people, but many of us still overlook insurance for disability. Simply put, if a person is unable to work, there’s no way to pay bills or build a future without that income. This kind of insurance plan can cover long-term and short-term issues, which provides a great safety net overall.

Why Do You Need It?

Anyone who works and depends on their income needs disability coverage. Circumstances can change instantly so it’s smart to be prepared if and when that day comes. Disabilities cause nearly 50 percent of all mortgage disclosures and are the leading cause of personal bankruptcies**.  A disability insurance benefits plan will give you peace of mind knowing that you will receive a portion of your income during the time you are unable to work.

Depending on your employer’s benefit plan, you may have the option of long-term disability coverage, short-term coverage, or both. If available under your employer’s plan, consider having a good mix of both long and short term so that you are covered no matter how long your disability status lasts.

Disability Coverage Plans

As mentioned earlier, there are usually both long-term and short-term disability coverage plans available. The key difference between the two plan options has to deal with the elimination period. An elimination period is the amount of time that must pass before your benefits kick in. Popular elimination period timeframes include 15 days, 30 days, 60 days and 90 days. It is best to check with your employer to determine the type of disability plan available to you and the elimination periods that are included.

First Financial Group of America (FFGA) specializes in providing disability insurance plans to employers across the nation. We provide solutions that can fit just about any type of employer group situation. In fact, it’s as simple as picking up the phone and connecting with us to learn more. Contact us today!

*Council for Disability Awareness: How Many Working Americans Have Adequate Disability Coverage?; April 26, 2018
**Disability World: Disability Insurance Claims and Benefits Information; March 1, 2019

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