May is Disability Income Awareness Month or DIAM. Disability insurance is one of the most important but misunderstood types of insurance, but it doesn’t have to be.
Disability income provides financial support when an individual is unable to work due to a temporary or permanent disability like an injury or an illness. It can help cover daily expenses and maintain their quality of life.
Depending on the policy, disability income can provide benefits for a period of a few weeks to several years. This helps individuals recover without worrying about losing income or going into debt.
Having disability income can provide peace of mind for individuals and their families, knowing they will have financial support if they become disabled. It can also help individuals plan for unexpected events and emergencies and avoid financial hardship or bankruptcy.
Today, 1 in 4 young adults will become disabled while they are of working age. Just last year, 42% of Americans had less than $1,000 in savings. If you were unable to work because of a serious illness or injury, how long could you last without any income?
For more information on disability income or to obtain a quote, please reach out to Kingsgate Insurance 515-576-4321.