Ask yourself, "How will I pay my bills if I become sick or hurt and unable to work?"
The following are popular myths about disability and financial survival, along with the facts you need to know.
Myth: My chances of becoming disabled are low.
Fact: During your working years, you have a greater chance of becoming disabled than dying before age 65.*
Myth: Social Security will pay if I ever become disabled.
Fact: 70% of all disability applicants are rejected by the Social Security Administration. To qualify, the disability must be one that “can be expected to result in death, or which has lasted or can be expected to last for a continuous period of not less than 12 months,” and the disability must prevent the individual from being able to perform any type of gainful employment.
Myth: I have enough savings to get by.
Fact: You may have personal savings in the event of a disability, but is it enough? One year of disability could wipe out ten years of savings, and that’s if you have 10 years of savings.
Myth: I can sell my assets.
Fact: What would you sell? Assets sold under forced conditions are often sold below market value. No one wants to sell prized possessions.
Myth: I can rely on my spouse’s income.
Fact: Today, many families depend on two incomes. The loss of one income can be devastating.
Assess your needs with our DI Calculators and contact your agent to ensure you are covered with disability insurance from Illinois Mutual.
