As the dust settles on the nightmare that was 2020, everyone seems to be hoping for a brighter 2021. Whilst we will all continue to combat the impact of the global pandemic, there's an air of optimism that will help shape the way we live and work moving forward. One of the enduring effects of 2020 has been a recognition of the gaps that were evident in the way we protect ourselves. So many people found themselves unable to work and without an income, with devastating results. It's vital that we learn from these tragic examples and secure the protections we deserve to help build a brighter future.
The Realities of Risk
We all share a natural instinct to avoid thinking about tough issues when things are good. But if 2020 taught us anything, it’s that we never really know what's just around the corner. Studies around the world have demonstrated that the chance of workers developing a long-term disability that lasts years could be anywhere from 30-50% depending on age. When you consider that an accident or illness could result in a total inability to work long-term, the potential impact could be devastating. Many individuals and families don’t have enough savings to survive the loss of just one pay package; so how could they cope with potentially years without an income? That’s why it’s more important than ever to avoid taking anything for granted. By budgeting just a small amount towards disability insurance, you can safeguard your income in the event of any worst-case scenario.
Whole families being dependent on a sole earner is not a new concept, but the ways in which they earn money are evolving. More and more of us are choosing to pursue careers in independent consulting, freelance projects, and self-employed endeavors. These choices are great for local and national economic growth, as well as being potentially far more lucrative revenue generators for the individuals doing the work. The downside is that they can come with greater risk as they often lack traditional protections associated with the employer/employee relationship. So how can you ensure you have made the right choices to take responsibility for yourself and your family? That is exactly where disability insurance becomes so vital. You shouldn’t have to compromise on your entrepreneurial career goals in order to protect those you love. Disability insurance allows you to continue pursuing your dreams, in whichever form they come, whilst safeguarding a regular source of income if you suddenly find yourself unable to work.
Insuring your Future
Disability insurance isn’t a complicated concept, but for many of us, it might be a relatively new one. Its growth, which was certainly enhanced by the events of 2020, is due in large part to a need to fill the gap between medical and life, as well as to provide a new product to suit a rapidly expanding sector of the workforce. It was designed to enable individuals to mitigate potential risks in order to have the peace of mind to make the right decisions for them. We all know that insuring your car can save you dividends when it comes to damage and that insuring your home can protect your possessions; so why wouldn’t we want the same coverage if we get sick or are in an accident? Paying your mortgage or putting food on the table gets a lot harder without an income or savings; that might sound scary, but there is a simple, accessible solution. Disability insurance allows you to follow your dreams and protect yourself and your family.