As residents of a democratic nation built upon economic models of capitalism and free market systems, personal income is our greatest asset. Without a regular paycheck, we wouldn’t be able to live as we are accustomed; we wouldn’t be able to provide the same food and shelter for our families or education for our children. We wouldn’t be able to travel like we do or even afford the most modest of societal pleasures like cellular phones and trips to the movie theater. Without a steady income, most of us would be financially dead – slaves to poverty and meager government assistance.
So we can all agree that being employed and bringing home a paycheck is requisite for life in America. Yet, millions of working-age adults have lost their ability to make an adequate living due to illness or injury. Thousands of Americans become disabled, either suddenly or gradually, every year by a multitude of causes and most don’t maintain safeguards like disability insurance or proper savings vehicles to support their lifestyles and the constant needs of their families. They become the “living dead”, remaining heavy consumers without producing satisfactory income.
In these days of negligible interest rates, savings and retirement accounts do little in the way of financial support for those who need to generate capital sufficient to survive. The most significant financial protection for those who work for a living in this country is manifested by personal disability insurance.
So why do only a relatively small percentage of people carry quality disability coverage? Because most Americans think their bodies are stronger and more resilient than the reality – the human body is fragile and we are all vulnerable to disablement. The average American is three times more likely to become totally disabled during their working career than die during that time. But we still feel invincible. See the The Council for Disability Awareness, Life Happens and the U.S. government’s Bureau of Labor Statistics for real life statistics.
Other common complaints from consumers are that disability insurance is too expensive and that the policies are too complicated. That is rubbish. Income protection can appear pricey, but the alternative of financial ruin at the hands of premature disablement is far more devastating. Budgets and Disability products can be finessed to find a comfortable balance between premiums and benefits. Regarding the complexity of policy wordings and benefit rider terminology, a good and knowledgeable agent can be a valuable guide and interpreter.
Regardless of any preconceptions, insurance companies want to work with you. They believe in their products. They believe they can provide people with worthwhile protection and reliable benefits when and if necessary. They believe they provide people with the most important of economic safeguards.
We shouldn’t neglect to consider that disablement is not pretty and the physical and financial realities are frightening. Money aside, more Americans need sufficient disability income protection.
For more information about California disability insurance, give Mitchell & Mitchell Insurance Agency, Inc. a call at (888) 512-8878 today!