It’s within our human nature to think of ourselves as invincible and to reject even the possibility of a disaster that could change our lives. Even worse, we sometimes not only choose to ignore the danger but also underestimate certain less fortunate events. The ideal journey we envision is being born, growing up, studying, getting a job, forming a family, enjoying ourselves, and dying peacefully. Nowhere in this plan does ‘speeding on our way to work and having a crippling car crash’ seem to be included. And while it is normal to see the half-full glass, being cautious and on guard is the smartest way of approaching life as adults, yet people still choose to disregard investing in Disability Insurance.
You’ve probably also associated insurance as a nuisance procedure, with a lot of waiting, tons of paperwork, and uncomfortable medical exams like bloodwork.
As inconvenient as it may be, it’s one of the most crucial things you can do for yourself in terms of financial protection. Life and health insurance are the obvious big ones that are responsible for protecting you from large health and funeral expenses, but what would happen if you could no longer work and earn an income due to an illness or injury? How would you pay for your insurance policies and other bills like your mortgage and groceries?
That’s where disability income insurance comes in. Here’s the low down on why you need it:
Disability insurance is there to protect your income. It replaces a percentage of your earnings if you can no longer work and earn a paycheck because of a serious illness or injury. Still not convinced? Here are four reasons why applying for disability income insurance should be on your to-do list.
1- No one is invincible
We often underestimate our disability risks, choosing instead to believe that nothing can or will happen to us (and we don’t blame you because who likes to think about that anyway). According to the Social Security Administration, more than 20% of today's 20-year-olds will endure a crippling injury or illness before retirement. And, did you know that you’re 3.5x more likely to become disabled than you are to pass away?
We see ourselves as invincible, but as it was shown in the past two years, life can take turns we would have never even considered. A longer day at the beach can come with a heatstroke which, untreated, would eventually lead to paralysis. A sudden snowstorm could keep you stuck in the cold for hours until you would wake up without certain limbs. A walk in the park or to the grocery store could take a different turn – a reckless biker hitting you, an unannounced earthquake, a brick falling out of the blue – it only takes one moment for your life to never be the same. Even after Covid, some people were left with neurological problems that kept them from returning to their usual jobs. Imagine being a chef and still having no sense of smell or everything tasting foul.
It is not about being paranoid, but the truth is that we always save up money for rainy days. Why not save some more in the case of a monsoon season?
2- You have people depending on you
What would happen if you went one year without a paycheck? Maybe you yourself could bootstrap and get by but what if you had a family to provide for as well? Many of us think of getting life insurance first, wishing to provide for our families after we pass away – which makes total sense. But what we should also consider and hold with the same weight is disability income insurance. According to the 2021 Insurance Barometer study, 4 in 10 Americans would face financial hardship within six months if they lost a primary wage earner. Life for able-bodied people is so expensive that every penny matters and the economy is usually only getting better for those who already are rich. The stability in our lives is similar to a Jenga tower. Any inconvenience such as mere cold or even fortunate events such as the birth of a child can shake the income tower. Now imagine what a long-term or permanent disability would affect that tower and the other players – your family members and other people depending on you.
3- It’s actually affordable
It's difficult to justify buying extra insurance when you're already paying for other things like the house, car, outings, and so on. But in the end, it boils down to whether you think the benefit you could get is worth the cost of premiums and the risk of not having any coverage at all. Disability income insurance premiums can cost as little as 1% of your income, and if you become disabled for a long time, the insurance could cover two-thirds of your income every year.
4- Asteya has a simple and fast application
When it comes to private insurance, Asteya is your best bet for disability insurance because it’s both simple and affordable. Not to mention that the application process is fully digital so, you won't have to waste time with tedious procedures like undergoing medical examinations or doing multiple phone interviews.
Some facts about disability that you should know may change your mind about whether you need DI or not: you're 3.5 times more likely to need income insurance than life insurance, and 1 in 4 people will be unable to work due to wellness complications before retirement, and 90% of disabilities are caused by illness, not injury.
You should also know that once you enroll in Asteya's DI, it gets delivered straight to your inbox so it stays there, the easiest process you could ever enroll in and, you'll be paid out directly and spend it without restriction once your claim s approved