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Do You Really Need Disability Insurance?

Did you know that each year 5% of working Americans experience a short-term disability due to illness, injury, or pregnancy that leaves them unable to perform their job duties?

According to a study by a leading insurance company, 50 million working Americans do not have disability insurance beyond Social Security Disability Insurance (SSDI).

SSDI was intended to provide a safety net, not a total replacement of income. As of 2019, the average monthly benefit totaled $1,234 per month or $14,808 annually.

However, more people are struggling, and they no longer have a cushion of emergency savings to fully replace their income with an injury or illness strikes that necessitates taking advantage of disability insurance benefits.

To put things into perspective, 49% of Americans couldn’t even cover a $400 emergency. This statistic is from 2022, and it’s a dramatic increase from the 32% of Americans who were in this vulnerable financial position the previous year.

Adding insult to injury is the rising cost of medical care and the tightening of employer belts across the nation, with fewer companies providing disability benefits to employees.

Even if SSDI benefits are enough to bridge a financial gap, the SSDI benefits program is fraught with problems. At a glance, only 22% of SSDI benefits applications were approved in the first submission. Even after an appeal, SSDI only approves 33% of the applications it receives.

Even scarier is that it can take five to nine months for the SSDI Administration to reach a decision, leaving families financially vulnerable.

Get Disability Insurance in 3 Easy Steps

If you end up with a disability, your top priority should be your health – not worrying about debt collectors. We help people get access to affordable disability insurance quotes so they can choose the best plan for them.

Are you protected? Compare disability insurance quotes online in minutes to get the coverage you need.
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1. Find a Plan

Provide some basic information about your income and health to allow us to find a selection of appropriate plans that meet your requirements.
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2. Evaluate Your Choices

Compare different policies, including eligibility criteria, benefits payouts, payout periods, add-ons, and restrictions, to see what fits best.
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3. Get Quotes and Apply

View your quotes. Insurdinary application process is simple and easy to understand. Based on your requirements, you will be connected to relevant plans that make sense.

How Disability InsuranceWorks

No one plans to get injured or sick, and disability insurance provides workers with a safety net that allows them to meet their financial obligations even when they’re unable to work. Disability insurance can last a few months to a lifetime, depending on your disability and the policy you select.

Short and long-term illnesses and injuries can qualify for disability insurance, but other conditions are also eligible. For example, if you are pregnant and plan to go on maternity leave to take care of your child and recover from childbirth, you may want short-term disability insurance.

In short, in exchange for paying a monthly premium, disability insurance provides income to you and your family in the event that you can’t work – either in the short or long term.

Here’s how it works: when you’re confronted with a disability, you can file a claim with your insurance provider. Once your claim is approved, you receive a percentage of your income to allow you to make ends meet. Depending on your policy, the percentage of the salary you receive will usually range from 50% to 70% of your monthly income.
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Types of Disability Benefits Options

Purchasing disability insurance isn’t required by law, but it can make a world of difference when you’re unable to work, and your bills continue to accumulate.

Having disability insurance is one way to ensure that you’re able to meet your financial obligations, especially when you’re unsure of when (or if) you’ll be able to return to work.

In some instances, you can stack different benefits options together to collect more funds each month. We’ve outlined the top three ways to receive money during a disability here with a transparent analysis of the pros and cons:

Disability Insurance

Of all of the benefits options to provide funds during an injury or illness, disability insurance gives you the most control over how much money you can collect each month.

Assuming you have a legitimate claim and communicate promptly with your insurer, you have a high chance of having your claim approved, and you can expect to receive funds relatively promptly.

Though you do have to pay out of pocket for disability insurance if you don’t have this benefit through your employer, you can sleep at night knowing that your family will be financially secure if you’re unable to work.

Social Security Disability Insurance (SSDI)

While you don’t technically pay for Social Security Disability Insurance, to be eligible to receive it, you must have worked for a long enough period and paid Social Security taxes on your income.

SSDI comes with good news and bad news. The bad news is that benefits are woefully inadequate for the average individual or family.

Even if you are eligible for maximum benefits, you’ll only get about $3,000 per month.

The good news is that you can stack these benefits on top of your disability insurance benefits to meet your financial obligations and stay afloat.

Workers’ Compensation Insurance

The catch with Workers’ Compensation Insurance is that it only applies to injuries or illnesses that happen in the workplace or as a byproduct of your working conditions.

While you don’t have to pay anything for Workers’ Compensation Insurance (your employer foots the bill), not every company is required to have this insurance.

Therefore, even if you are injured at work, you might not be able to receive this benefit.

Having disability insurance is the only way to ensure that you can receive financial benefits when you are injured or ill.

Eye-Opening Statistics about Disabilities and Disability Insurance

We have enough to worry about without the added stress of wondering how we can pay our bills and support a family if an unplanned illness or injury occurs. Life is expensive, and it’s not getting any cheaper.

While insurance can provide peace of mind, some companies quote monthly premiums that are simply out of reach. At Insurdinary, we take your individual circumstances into consideration and match you with a policy that keeps disability insurance affordable.

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To put the need for disability insurance into perspective, consider the following:

Statistic 1

Only five states in America mandate that companies provide disability benefit plans for their employees.

Statistic 2

More people are realizing the importance of disability insurance. From 1999 to 2014, the percentage of private industry workers with disability insurance increased by 32%.

Statistic 3

Workers in service-based industries like food service, hospitality, and dental have the least access to disability insurance.

Statistic 4

44.3% of consumer bankruptcy filings are due to not being able to work because of medical reasons, i.e., disability.

Statistic 5

Most illnesses and injuries that lead to short-term disability are unrelated to occupational conditions or hazards, making them ineligible for workers’ compensation insurance.

Statistic 6

Of the more than 20 million Americans currently struggling with a disability that leaves them unable to work, only 9 million receive Social Security disability benefits.

Choosing the Right Disability Benefits Plan

As you begin researching disability benefits, you’re going to come across a lot of terms that you might not be familiar with. We’ve compiled a list of industry terminology you’re likely to see, and we’ve defined these terms in easy-to-understand language.

Knowing what these terms mean can help you compare apples to apples as you look at quotes side-by-side.

Premium

Arguably the most important term in disability insurance shopping, the premium is the price you pay for your policy each month. This bottom line number can be adjusted based on your benefits package and risk factors.

Payout

Another vital term to be aware of is the payout, which is the dollar amount of the benefits you receive when you file a claim.

Consider the amount of money you need to receive each month to meet your financial obligations and maintain your standard of living. This number is your payout.

Waiting or elimination period

In an ideal world, you would have a check in hand the moment you file a claim. However, insurance companies subject policyholders to a waiting or elimination period.

This period is how long you have to wait to be eligible for benefits after filing a claim. The waiting or elimination period can range from 30 to 90 days, and there’s typically an additional 30 days beyond this timeframe before you receive payment.

Eligible disability

This term refers to the event that makes you eligible for disability benefits. This eligibility is policy specific.

In some cases, you can get benefits if you can no longer work in your current profession. Other policies only pay if you can no longer work at all. And still, other policies limit eligibility to accidents, which means an illness may not be covered.

Benefit period

The amount of time you will receive benefits is referred to as the benefit period.

A short-term disability policy may limit the benefit period to a few months. A long-term disability insurance policy, on the other hand, could provide benefits for years, or even the age of retirement.

Once you reach retirement age, you’ll be eligible for other programs like Social Security disability insurance, Medicare, or Medicaid.

The Importance of Disability Insurance

Not sure if you need disability insurance? Even if you qualify for or are approved for SSDI benefits, you might still need financial help. This is especially true for long-term claims in the face of rising medical costs.

When SSDI Benefits Aren’t Enough

Even if SSDI benefits are enough to bridge a financial gap, the SSDI benefits program is fraught with problems. At a glance, only 22% of SSDI benefits applications were approved in the first submission. Even after an appeal, SSDI only approves 33% of the applications it receives. Even scarier is that it can take five to nine months for the SSDI Administration to reach a decision, leaving families financially vulnerable.

Common Disability Insurance Claims

Even if you consider yourself healthy, disaster can strike at any time. Do you have enough savings in the bank to weather the storm? Is it worth depleting your nest egg while you recover?

While we tend to think of disabilities coming as the result of a low-probability catastrophic accident, the truth is that there are everyday scenarios and risks we confront every day that could lead to a disability.

The most common short-term disability insurance claims include:

  • Back and neck pain
  • Spinal injuries
  • Sprains and fractures
  • Digestive and gastrointestinal disorders
  • Mental health issues, including depression and anxiety
  • Arthritis
  • Pregnancy

Long-Term Disability Insurance

Long-term disability claims are also imperative to consider because a long-term disability could mean you’re unable to return to work for years, if at all. Few families are independently wealthy enough to continue to pay the bills in this scenario.

Cancer, heart attacks, and stroke top the list of long-term disability claims, while short-term disability claims can also extend into the longer-term range. For example, a musculoskeletal injury could become chronic, or a mental health issue may take years to resolve.

Disability Insurance Can Help Rising Medical Costs

The media reports that more people are struggling financially, and they no longer have a cushion of emergency savings to fully replace their income with an injury or illness strikes that necessitates taking advantage of disability insurance benefits.

To put things into perspective, 49% of Americans couldn’t even cover a $400 emergency. This statistic is from 2022, and it’s a dramatic increase from the 32% of Americans who were in this vulnerable financial position the previous year.

Adding insult to injury is the rising cost of medical care and the tightening of employer belts across the nation, with fewer companies providing disability benefits to employees.

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How to GetDisability Insurance

It’s not uncommon for employers to provide disability insurance as part of a benefits package, but this coveted benefit is not available for all employees.

According to the International Foundation of Employee Benefit Plans, only 63% of U.S. employers provide long-term disability benefits, leaving more than one-third of the population unprotected.

Even when people work for a company that provides this benefit, not all workers opt-in to the program. This could be because 18% of employees working at a company that offers disability insurance have to contribute to the premiums.

As a result, some workers may find it beneficial to pick their own plan and foot the bill instead of having to pay premiums for a plan that doesn’t have the best features.

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How to Choose and Customize the Right Disability Insurance Plan

As you shop around for various policies, you’ll have the option to customize your plan and tack on additional coverage. These add-ons will increase the price of your policy, so it’s worth considering whether this added protection is worth the extra cost.

The Cost of Disability Insurance

Like any insurance policy, the cost of disability insurance will vary based on several factors.

On average, you can expect to pay from 1% to 4% of your salary for a disability insurance policy.

Other factors also contribute to your overall premium. Some factors that insurance companies consider are beyond your control, including gender, occupation, and your state of residency.

While you can’t control everything, taking proactive action on the above items (and getting quotes from Insurdinary) can help ensure you get the best possible rates.

How to Reduce the Cost of Disability Insurance

Given the wide range of policy costs, most disability insurance beneficiaries are interested in finding a way to reduce premiums without sacrificing coverage.

These tips can keep your premiums in check:
  • Buy disability insurance as soon as possible. Age is a significant factor in determining the cost of your policy. By purchasing a policy early, you can potentially lock in a lower rate.
  • Buy only the coverage you need: You might be tempted by add-ons, and some add-ons might be a good idea. Before ticking all the boxes, however, consider what you really need for financial security and peace of mind.
  • Stop smoking. Smoking cigarettes can lead to health complications and illness. Kicking this habit can reduce your insurance costs.
  • Be mindful of the benefit period: The longer you hope to receive benefits, the more you’ll pay for disability insurance. Typically, a five-year maximum is a happy medium.

Tips for Finding Affordable Plans

Knowing your options is the best way to ensure that you get a great disability insurance plan at an affordable rate.

Instead of going to a random website and choosing the first policy you see, we encourage you to shop around and look for the best rates.

By starting (and ending) your search with Insurdinary, you’ll get customized quotes from top insurance providers in as little as a few minutes.

Optional Add-ons

Want additional coverage? Consider adding these options to your policy.

  • Cost of living increase: you can elect to have your benefits increase in line with inflation.
  • Partial or residual benefits: this benefit allows you to receive some benefits if you can no longer work full-time but are still able to earn income.
  • Waiver of premium: By selecting a waiver of premium, you can avoid paying insurance premiums while you receive disability benefits.
  • Return of premium: If you don’t file a claim, you can get a refund for a percentage of your premium.
  • Coordination of benefits: You can combine other disability benefits with your disability insurance.
  • Additional purchase option: Instead of being locked in to a specific coverage option, you may be able to add coverage later.
  • Non Cancelable and guaranteed renewable policies: These policies ensure continuing insurance coverage.

Why Choose Insurdinary
for Disability Insurance Quotes?

The insurance landscape is a challenge to navigate with a seemingly infinite number of policies. Insurdinary shops around for the best quote to find the right-sized coverage.
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No more filling out endless forms and being bombarded with solicitor calls. We are a one-stop shop for insurance.

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You don’t have to accept the first policy you find. We make it easy to shop around and find the best rates.

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Say goodbye to mountains of paperwork. Apply online with Insurdinary in just a few easy steps with no fee.

Disability Insurance
Frequently Asked Questions (FAQ)

Unlike other forms of insurance that have lots of television commercials or pushy sales representatives, disability insurance is less frequently talked about. As a result, people often have a lot of questions about how disability insurance works.

We’ve answered the most frequently asked questions about disability insurance here.

How is disability insurance different from workers’ compensation insurance?

Workers’ compensation insurance is carried by your employer to provide benefits to workers who were injured on the job or as a result of a workplace condition. While you don’t have to pay for workers’ compensation insurance, its scope is limited. For example, if you are in a car accident during your commute to work or you contract an illness unrelated to your job, you are not eligible for workers’ compensation benefits.

Disability insurance, on the other hand, will provide you with payments for illnesses and injuries unrelated to your workplace or profession.

What is the difference between a short-term disability insurance policy and a long-term disability insurance policy?

As you probably guessed, the difference between these two policies has to do with the amount of time you can receive benefits. A short-term policy provides benefits for as little as a few months up to a couple of years.

By contrast, long-term policies range from a few years to lifetime coverage. However, it might take several months for long-term policy benefits to kick in. This is because some policies require your short-term benefits to be used up before you are eligible for long-term benefits.

Short-term disability benefits tend to pay a higher portion of your salary, often up to 60% to 70%. Longer-term policies may provide a smaller relative percentage – anywhere from 40% to 60%.

Can I use disability insurance to cover my maternity leave?

Yes, if your employer doesn’t provide this benefit, you can purchase a policy that can cover up to 100% of your salary while you are on parental leave and recovering from childbirth.
It is difficult to put a price tag on your peace of mind, but having disability insurance is the next closest thing.

A disability insurance policy allows you to stop worrying about what happens to your financial situation and your family’s security in the event that you become ill or disabled and find yourself unable to work.

When you compare quotes with Insurdinary, you can customize a policy that’s a perfect fit.
No deposit needed  •  No added fees  •  Pay only when you sign up for a policy
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