Common Misconceptions About Disability Insurance

Concept of disability insurance with hands over icon for disability

Disability Insurance is a critical form of protection for those who are unable to work due to an illness or injury by providing income replacement. Along with many types of other insurance policies, there are countless misconceptions surrounding disability insurance that could potentially leave you in a vulnerable position if you believe them to be true. Let’s review, and debunk, the most popular misconceptions below!

I Don’t Need Disability Insurance Because I am Young and Healthy 

This is one the of biggest and most prevalent misconceptions we see and hear about. Simply put, accidents, injuries, and illnesses can happen at any age. Disabilities can be caused by various factors, and being young and in good health will not eliminate the possibility of suffering a debilitating injury or illness. Disability Insurance is essential for individuals of all ages to protect themselves from unexpected interruptions of their income.

I Will Be Covered Under Workers’ Compensation

Many individuals believe that in the event of an injury that would prevent them from working, they would be covered by their employers’ workers’ compensation. This, however, is usually not the case. It’s important to remember that workers’ compensation will only provide income replacement if you were injured at work, and there are many instances that workers’ compensation does not cover. You will not be covered if your injury happens outside of work, or outside the scope of your job. Workers’ compensation also has limitations on the coverage it provides. Disability insurance on the other hand offers broader coverage and can provide financial protection on a larger scale.

Disability Insurance is too Expensive

There are endless insurance policies to review when it comes to Disability Insurance, and many factors that affect the price you will have to pay. Your age, current health, occupation, and more are determining factors in the type of policy that will suit your needs. Our AIB team will help you find the policy that’s right for you and works within your budget. Remember, DI can protect you from financial disasters in the future.

I Can Rely on My Savings in the Event of an Emergency

While having savings or emergency funds readily available is fantastic, relying on this limited resource may not be enough to cover the costs associated with a long-term disability and being unable to work. Medical expenses, rehabilitation costs, and more, coupled with no current flow of income, can deplete your entire savings in the blink of an eye. Living solely off your savings for an extended period of time is not a reliable strategy to fall back on. Disability insurance is specifically designed to protect you during long-term periods so you can maintain your finances and a steady income.

Let Our AIB Team Find the Disability Insurance Policy that’s Right for You!

Having a Disability Insurance policy in place is a great way to protect your future. It offers you vital replacement benefits in the event of an unexpected interruption of your income due to an illness or injury. Visit our website or contact our AIB team today to start planning ahead. We’ll help you find the policy that’s right for you!