Can a team win the Super Bowl without their quarterback? How successful is a hockey team without their goalie? Both of these positions are vitally important to the team — just like the owner of a business. Consider how your family and business could be affected if you were sidelined from your job due to a disability caused by an illness or injury.
While we may not think about it, we often take for granted our most valuable asset — the ability to earn a living. When experiencing a disability, your income may stop and certain expenses may increase. Disability Income (DI) insurance can help provide you with financial resources to help support your family and business needs if you are unable to work due to illness or injury.
- At least 51 million working adults are without disability insurance other than basic Social Security coverage.1
- Almost 90 percent of long-term disability claims are caused by illnesses and are not work related.2
- One in eight workers will become disabled for five years or more during their lifetime.2
- An average claim for group long-term disability can last up to 34.6 months.2
- A 2014 study identified the following as primary reasons for consumer bankruptcy filings:
- Medical Bills: 26 percent
- Job Loss: 20 percent
- Illness or injury on part of self of family member: 15 percent1
In today’s world, business owners can prepare for some of life’s curveballs. Disability Income insurance may be able to help lessen the financial impact of a disability by providing income that can be used for both business and personal expenses.
Don’t get caught unprepared, make sure your business and family are protected if a disability occurs. Talk to your Federated Marketing Representative today about how you can create a game plan to help protect against life’s uncertainties.
1 Austin, Daniel A., Medical Debt as a Cause of Consumer Bankruptcy (2014). Maine Law Review, Volume 67, No. 1, pp. 1 – 23 (2014); Northeastern University School of Law Research Paper No. 204-2014. Available at SSRN. https://disabilitycanhappen.org/disability-statistic/
This article is for general information and risk prevention only and should not be considered another other offer of insurance or legal, financial, tax, or other expert advice. The recommendations herein may help reduce, but are not guaranteed to eliminate, any or all losses. The information herein may be subject to, and is not a substitute for, any laws or regulations that may apply. This information is current as of its publication date and is subject to change. Some of the services referenced herein are provided by third parties wholly independent of Federated. Federated provides access to these services with the understanding that neither Federated nor its employees provide legal or other expert advice. All products and services not available in all states. Qualified counsel should be sought with questions specific to your circumstances. All rights reserved.
Published Date:May 18, 2021
Categories: It's Your Life