The Social Security Disability Insurance program paid out $143.7 billion in benefits in 2018. And with new applicants each year, the system is expected to exhaust its reserves at the end of 2034 if changes aren’t made.(1)
Rather than depending on a government program to protect their income in the event of a disability, many individuals prefer to protect themselves with personal disability insurance.(2)
Disability insurance provides protection by replacing a portion of your income, usually between 50% and 70%, if you become disabled as a result of an injury or illness. This type of insurance may have considerable benefits since a disability can be a two-fold financial problem. Those who become disabled often find they are unable to work and are also saddled with unexpected medical expenses.
What About Workers Comp?