Kimberly Dunn Wasilefsky, Director of Product Management and Janelle Cormier, Senior Claims Practice Leader
No one plans on becoming disabled, but it can happen to anyone. According to the Social Security Administration, 1 in 4 of today’s 20-year-olds will become disabled between now and retirement.1 How many of us could afford to support ourselves or our families without a paycheck for an extended period of time
Given these statistics, it makes sense for most Americans to protect their income the same way they do their car, homes or rental property. Unfortunately, many people are unprepared and rely on the “it won’t happen to me” mindset. However, any person can be affected by a disabling condition—whether an injury or sickness, acute or chronic—regardless of their demographics or station in life.
Disability insurance can play an important role in your financial wellness journey.
The March 2024 announcement that Kate Middleton, Princess of Wales, was undergoing chemotherapy was a sobering reminder that the prevalence of early-onset cancers is on the rise, with more adults under age 50 being diagnosed with these conditions than we’ve previously seen.2 Selma Blair and Christina Applegate are other public figures who have brought another chronic disease, multiple sclerosis, into the spotlight, reminding us that no one is immune to a life-changing diagnosis.
Disability insurance can play an important role in your financial wellness journey by replacing a portion of your income if you’re unable to work. But a comprehensive coverage plan doesn’t end there. Check to see if your company offers other insurance products and programs, such as paid leave and return-to-work programs, individual and group life insurance, and supplemental health insurance like accident, hospital indemnity and critical illness coverage. These policies provide cash benefits in the event of a covered diagnosis and are paid directly to you. The benefits can be used for anything you need, including medical expenses, housing costs, transportation and other needs.
When these other coverages are combined with disability insurance, you can emerge from medical situations with less financial impact and more protection so you can focus on what matters most—recovery and moving forward.
Talk to your HR representative for more information about disability insurance and other plans that may be available to you.
1 “Disability and Death Probability Tables for Insured Workers who Attain Age 20 in 2023,” Social security Administration, published July 2023, https://www.ssa.gov/oact/NOTES/ran6/an2023-6.pdf
2 “Dramatic rise in cancer in people under 50” The Harvard Gazette, accessed May 2024, https://news.harvard.edu/gazette/story/2022/09/researchers-report-dramatic-rise-in-early-onset-cancers/
