Too healthy for disability insurance? Think again


Too healthy for disability insurance? Think again

You’re young, you’re healthy, you have a thriving career. The last thing you need to worry about is disability insurance, right?

Wrong — for two reasons.

Reason #1: Your ability to earn an income may well be your most valuable asset.  OK, most people get that. In the same CDA study, people ranked their income right up there with their home — and just behind their health — as by far the three most important things in life.

But most working consumers aren’t doing anything to protect that all-important resource. A strong majority agree it’s important to protect their health and home, but only 28% see protecting their income as crucial. In fact, way more people — 73% — think it’s important to protect their car, the CDA survey shows.

 Reason #2: Disability doesn’t discriminate based on age, gender or race. And most people vastly underestimate their chances of being unable to work at some point in their careers because of injury or illness. In fact, a Council for Disability Awareness study last year reported more than 20% of workers under 40 say they’re more likely to win a big lottery than become unable to work due to illness or injury.

Ready for the real odds? One chance in 259,000,000 you’ll hit the jackpot vs. 1 in 4 you’ll be disabled during your career, according to the CDA. Which do you want to gamble on?

Affordable financial safety net

“Consider your daily living expenses: mortgage or rent, gas, utilities, food, day care — not to mention the fun stuff like movies, dining out, or your kids’ after-school activities,” says David Polen, disability product director at Colonial Life. “Then think how long you could continue to pay your bills without your paycheck.”

Many of America’s workers are already stretched thin financially. A 2013 survey said more than three-quarters are living paycheck-to-paycheck at least some of the time. And the CDA survey said only 38% of adults have an emergency fund to fall back on.

Disability insurance purchased at your workplace can provide an affordable financial safety net to protect you and your family’s way of life. You can learn more on the Council for Disability Awareness website, or visit Colonial Life’s benefits learning center. Then, if your employer doesn’t already offer disability insurance, ask them to add it.

Suffering a disability really could be the last thing you need to worry about.

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