The Insurance Science of Disability
If you are young and healthy, you probably have given little thought to the notion of disability insurance. Most employees in this age-range may even scoff it off as negligible in view of their youth.
“Disability insurance? “Compensation if I become unable to work?” they may exclaim. “Why, this is coverage that I do not really need.”
If you would speak to the professionals – those in the trenches when it comes to related liability and insurance claims, you would hear a very different story. In fact, the discussion would lead you to be ever so grateful that you are covered!
Deep down, every person understands that any blessing we have in life should never be taken for granted. Car accidents, business mishaps, home devastation – all these things happen. Likewise no one can guarantee that sickness or illness will not disrupt a life once devoid of it – regardless of the current station one finds oneself in.
Need more on the matter? Here are the sobering facts:
• 1 in 4 young people in the age bracket of twenty years suffer from a long-term illness or injury.
• Each year, there are over 700,000 paid workers and employees that are awarded social security disability insurance benefits.
• In general, 1 in every 15 employees files a short-term disability claim per year.
• Almost fifty percent of all Americans do not have the money to fund a four hundred dollar medical emergency.
• Breaking or fracturing a leg may cause a three month or longer employment disruption.
• On the average, a long term disability insurance claim lasts longer than two years and six months.
• A work related physical disability can be the result of varying factors, including chronic headaches, ongoing backaches, cancer related treatments, treatment, the birth of a new baby, loss of eyesight, heart disease, mental and emotional illness and stokes as well as other maladies and situations.
• The average income of newly graduating higher education students is approximately $1,101. Weigh that with the average long-term disability maximum claim of $125,450 of loss of income.
With the current available data about young working people, a disability that renders someone incapable of working would have devastating effects without the proper insurance coverage.
Did you know?
• Thirty five percent of young employees experience difficulties in meeting everyday monthly costs.
• Close to 70 percent of all US citizens do not have even a thousand dollars in savings.
• To make matters worse, thirty-one percent of those in the age bracket of eighteen years to thirty years have no savings at all.
Life has its monetary responsibilities. These may include rent, mortgage, student loans, auto payments and more. Shield your earnings and the ability to make ends meet by making sure you have protective indemnity of disability insurance.
Insurance
Insurance is a way to protect against financial loss. It involves paying a premium to an insurance company in exchange for the promise of payment or reimbursement for certain losses or damages. Insurance can help individuals, businesses, and organizations manage risks and protect against unexpected events.
There are many different types of insurance available, including:
- Health Insurance: This type of insurance helps cover the cost of medical expenses, such as doctor visits, hospital stays, and prescription drugs.
- Life Insurance: Life insurance provides a lump-sum payment to the insured’s beneficiaries in the event of their death. It can help provide financial security for loved ones and cover expenses such as funeral costs and outstanding debts.
- Auto Insurance: Auto insurance provides coverage for damage or injury caused by a car accident. It can also provide coverage for theft, vandalism, and other incidents.
- Homeowners Insurance: This type of insurance helps protect homeowners against damage or loss to their property, as well as liability for injuries or damage caused to others on their property.
- Renters Insurance: Renters insurance provides coverage for personal property and liability for renters.
- Business Insurance: Business insurance provides coverage for various types of risks that businesses may face, such as liability, property damage, and employee injuries.
Insurance policies can vary widely in terms of coverage, exclusions, and premiums. It’s important to carefully review any insurance policy before purchasing it and to understand what is covered and what is not.
Insurance companies use various methods to assess risk and determine premiums, including actuarial science, statistical analysis, and underwriting. Factors such as age, health status, driving history, and location can all impact insurance premiums.
In conclusion, insurance is a way to protect against financial loss and manage risks. There are many different types of insurance available, including health insurance, life insurance, auto insurance, homeowners insurance, renters insurance, and business insurance.
It’s important to carefully review any insurance policy before purchasing it and to understand what is covered and what is not. Insurance companies use various methods to assess risk and determine premiums, and factors such as age, health status, driving history, and location can all impact insurance premiums.
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