North Carolina
Disability Insurance

Everyone deserves the opportunity to protect their quality of life and their future, and with disability insurance you can. You can think of disability insurance as your financial safety net, giving you an earnings replacement if you’re not able to earn a paycheck due to illness or injury. We’ve laid out the cost-of-living analysis in North Carolina to show you the average expenses in the state an

How much does it cost to live in North Carolina?

North Carolina is less expensive than the rest of the United States on average. According to data from the Bureau of Economic Analysis, the state's products and services cost 8.2% less than the national average.

North Carolina has the 24th lowest cost of living in the United States, according to MERIC data from the second quarter of 2021.

Cost of Living Parameters 

Housing & Rent 

The average home in North Carolina is valued at $165,900, which is $39,000 less than the national median home value of $204,900. 

The average renter in North Carolina pays $877 per month, which is $146 less than the national average of $1,023 per month. A one-bedroom apartment in the state costs $750 per month, while a property with five or more bedrooms costs $1,424. 

Here are some stats on North Carolina Mortgages: 

  • Homeownership rate: 64.6% 
  • Homeowner vacancy rate: 0.5% 
  • Rental vacancy rate: 4.9%

Childcare  

In North Carolina, the average yearly cost of child care for a 4-year-old child is $8,105, which is similar to the national average of $8,903. In North Carolina, it costs an average of $13,037 per year to care for a four-year-old child and an eight-year-old child, compared to a national average of $15,853. 

In North Carolina, infant care costs just 8.6% less than average rent. 

Here’s a look at the annual childcare costs from infant to college:   

  • Infant : $9,480 
  • 4-Year-Old: $1,113 
  • School $12,428 
  • College $7,354

Utilities

Apartment utilities refer to the essential services required in a home such as gas, water, electricity, cable, and internet. A North Carolina resident can expect to spend up to $342 per month on apartment utilities on average. 

Food & Groceries

A single adult in North Carolina spends an average of $3,103 on food each year, while a family of four spends an average of $8,960. To put things in perspective, a single adult's annual food expenditure is $3,240, whereas the annual food cost is $9,354 for a family of four. These figures are based on a nutritionally appropriate diet purchased from a grocery shop and prepared at home. 

These figures are based on a nutritionally appropriate diet purchased from a grocery shop and prepared at home. 

The average price for eating out would be:

  • A basic meal with a drink at an inexpensive restaurant:$15 
  • Fast Food Combo: $4.15 
  • Bottle of Coca-Cola:$1.64 
  • Bottle of Water: $1.28 

Grocery shopping in the state would cost:

  • Milk (regular), (1 liter): $0.81 
  • Loaf of Fresh White Bread (500g): $2.73 
  • Rice (1 Kg): $4.54 
  • Eggs (regular) (12): $1.93 
  • Toilet paper(4 Rolls): $3.22 
  • Hair Shampoo: $4.01

Transportation

90.5 % of commuters in North Carolina drive to work, compared to 85.5 % overall. The average motorist in the state travels 11,603 miles per year. Taking into account average fuel economy and average gas prices, the average North Carolina motorist can expect to spend $1,005 on gas alone in a year. 

Other transportation costs, such as car insurance prices, can differ from one state to the next. According to data from Insure.com, the average vehicle insurance rate in North Carolina is $1,357, which is lower than the national average of $1,517. According to EPI data, the average single adult in the state spends $10,216 on transportation each year. 

The annual transportation fee of a Family is $13,226 which is close to the annual transportation cost in the US. 

Average Income & Taxes 

The average yearly income of a single adult living in North Carolina is $68,2441 and the estimated state income tax is $2,683. 

Most Expensive North Carolina Cities to Live in

  • Cashiers 
  • Highlands 
  • Blowing Rock 
  • Cornelius 
  • Nags Head

Why is disability insurance important to have in North Carolina?

As shown by the above cost of living study, a steady income is required to live comfortably and worry-free. Whether you work full-time or as a freelancer, getting disability insurance is the first step towards financial stability.

What would happen if you found yourself unable to earn a paycheck because you were too ill or injured to work? According to a recent survey conducted by the personal financial website Bankrate, more than half of Americans (51%) have less than three months' worth of emergency funds.1

Medical bills are reported to be the number one cause of U.S. bankruptcies. One study has claimed that 62.1% of bankruptcies were caused by medical issues. Other studies show that over 2 million people are adversely affected by their medical expenses.

If medical bills start piling up, you’ll no longer be able to support your lifestyle in other areas as well, especially if your income is on hold. You might find yourself unable to pay for utilities and rent, and that eventually could lead to foreclosure. Half of foreclosures on conventional mortgages in North Carolina are caused by the disability of one of the homeowners. In fact, the foreclosure rate in North Carolina is 0.76% as per the latest stats.

A lot of people still think that the need for disability insurance is not top priority, thinking that disability rarely happens, and when it does, it’s only caused by serious accidents. But did you know that up to 90% of disability cases recorded are due to illness, not injury?

With that being said, getting a private disability income insurance should be on top of your to-do list because life is unpredictable but your income shouldn’t be.

Does North Carolina have state disability insurance

Only 5 states in the U.S. require companies to provide their employees with disability insurance coverage that includes benefits for accidents or illnesses sustained outside of the workplace. Unfortunately, North Carolina is not among these states.

People with disabilities who live in North Carolina and are unable to work may be eligible for Social Security Disability Insurance (SSDI) or Supplemental Security Income (SSI) (SSI). SSDI and SSI are federal programs that give benefits to those who fulfill the definition of handicapped as defined by the Social Security Administration (SSA).

Meanwhile, taxpayers who work in the private sector are frequently required to support the premiums themselves and take proactive measures. There is no mandated program in place to address work absences caused by transitory non-occupational medical issues for them.

What qualifies as a disability in North Carolina?

If you have disability insurance provided by your employer, make sure to double check the criteria in the agreement that qualifies you to receive disability benefits when you’re unable to work. Some of these criteria can include the following:

  • You are unable to perform the Substantial and Material Duties of your Regular Occupation as shown on the Schedule and;
  • You are under the Regular Care of a Physician appropriate for your disabling Sickness or Injury and;
  • There is no reasonable simplified worksite modification(s) which would allow you to perform one or more of the Substantial and Material duties of your regular job.

How can I easily get disability insurance in North Carolina?

Seeking a private disability insurance policy is the easiest option in North Carolina. Here at Asteya, we offer disability insurance (or disability income insurance as we like to call it) that’s simple, fast, and affordable. Our 100% digital process means we don’t tire you out with proof of income, medical exams, phone interviews, or wait times, so you can go from applicant to insured in no time.

Who qualifies for disability insurance in North Carolina?

Most insurances are bought to protect homes, vehicles, and health, but our most valuable asset tends to get neglected: our income. 70% of working Americans live paycheck to paycheck, with little savings to buffer the financial burden of a disability that leaves them unable to work.

At Asteya, we offer 2 types of disability income insurance: Permanent Disability Income Insurance and Sickness & Injury Disability Income Insurance. Please visit asteya.world for more details on the eligibility of our product offering.

How much does disability insurance in North Carolina cost?

Protecting your income shouldn’t be a luxury, so here at Asteya, we’ve created affordable and easy solutions that won’t drain what you’re trying to protect (your income!). Our prices start as low as:

  • Permanent Disability Income Insurance: starting at $6.05/month
  • Long-Term Disability Income Insurance: starting at $5/month

The Bottom Line

On average, living in the state of North Carolina will cost you $3,191 per month, give or take – that’s a lot of expenses!1 You've invested a lot of time and hard work in building a life that works for you, and your hard work should not go to waste due to an accident or illness. That’s why you should protect your lifestyle and your income with DI.

If you're still on the fence about whether disability income insurance is for you (hint: it is), here are a few extra points to consider while thinking about it:

  • Asteya’s policy is a no brainer, seeing that it is 100% digital .We don't require blood tests or doctor's appointments, unlike other insurers. We'll just ask you a few questions to determine your best policy.
  • You’ll be all set once your policy is in place! You'll pay your premiums quarterly, monthly, or annually for the duration of your policy.
  • If the unexpected happens and you need to file a claim, our team will be there to assist you in receiving the funds you require as soon as possible. When your claim is approved, you'll receive a payout that you can put toward whatever you need, such as bills, groceries, or medical expenditures.

How do I get disability insurance?

Get a quote from Asteya in seconds and go from applicant to insured in minutes