The idea of "disability" often conjures up images of people confined to wheel chairs and hospital beds because of terrible accidents and rare diseases. But disability often means having vision or back problems or being temporarily sidelined as you recover from a heart attack or cancer.
Many individuals have a vague notion that Workers Compensation or Social Security will provide for them if they became disabled. But eligibility for these programs is narrowly defined and the level of income that is replaced is often limited. And while employees often believe they can rely on personal savings if they can't work due to disability, recent personal savings data shows that Americans continue to live paycheck to paycheck (American Payroll Association, "Getting Paid in America" Survey, 2008).
Disability insurance purchased from the workplace or from a financial advisor or agent can help. We invite you to join the millions of Americans who have recognized the crucial role that disability income coverage can play in their lives. Share valuable information about disability protection with someone you love. Every household that depends on income from wages and salaries needs to think about disability income coverage.
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If you are temporarily unemployed and have an existing disability policy, some insurers such as Guardian and Berkshire have a policy option that will waive your disability premiums until you return to work.
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Three in ten workers entering the workforce today will become disabled before retiring (Social Security Administration Fact Sheet, January 2007).
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As many as 48% of employees aren't aware that employer-paid disability income benefits are taxable (Guardian study, Insurance and Behavior: Spotlight on Individual Disability Insurance, November 2006).
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Disability is the leading cause of personal bankruptcies. It causes 50% of all mortgage foreclosures, compared to just 2% caused by death (Health Affairs, Policy Journal of the Health Sphere, February 2005).
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