People understand the importance of getting car insurance since the risk of running into fender bender accidents is always looming in the background. It’s also easier to safeguard the security of your home and health, but do you ever think about your income when certain accidents compromise your ability to continue your work?
That’s where disability insurance comes into play. While financial insurance covers your beneficiaries’ needs in case you pass away, disability insurance ensures you and your family maintain financial security during the period you’re unable to work due to a disability.
Unfortunately, few people prepare for future accidents, plus the misconceptions circulating around the web make it even harder to put necessary protection in place. Seeing as disability insurance is often more complex compared to other policies, we’re here to bust some myths so you can understand the role of disability insurance in your life.
Myth #1: Workers’ Compensation Can Cover for Your Accidents at Work
One of the biggest reasons people skimp out on taking disability insurance is the thought that workers’ compensation benefits are enough to cover for your leave of absences, medical bills, and other expenses following the accident. But what if you are rendered unable to work due to an accident that is not job-related?
You’ll be suffering the consequences for months to years on-end since a workers’ compensation will only cover disabling conditions associated with work, but disability insurance can cover up to a staggering 60 percent of your earned income.
Myth #2: You Think Your Lifestyle Is Low-Risk
Accidents can happen on the road even to the most responsible drivers, but for average people, it’s easy to think that their lifestyle leaves little-to-no room for freak accidents to occur. While it’s true that you may have fewer risks of getting a disabling injury if you don’t participate in any dangerous activities, disability can still occur due to underlying illnesses.
Disabling ailments can happen to anyone regardless of their lifestyle or health, so it’s crucial to protect your financial security with the help of disability insurance. On the other hand, having a high-risk lifestyle won’t keep you from getting the coverage you need, though you may have to pay a higher premium.
Myth #3: You Have Other Sources and Savings to Compensate for Your Disability
It’s not wise to put a burden on your savings or other financial resources, especially since a disability can be tricky to pinpoint, so there is a high risk of burning through your funds long before you can get back on your feet to work again.
The Bottom Line: The Importance of Getting Disability Insurance to Protect Your Financial Security When Accidents Occur
Both life and disability insurances are difficult to gripe with since it requires facing your own mortality, but preparing for the unexpected can make all the difference in your recovery and financial future. Don’t let yourself grow complacent and risk your livelihood; after all, no one can predict what’s next for you on the horizon.
Where Can You Find the Best Life Insurance Agents in Edmonton, AB?
Everyone needs insurance to protect their future, but finding the right package that caters to your unique needs can be tricky. Here at Alberta Wealth Management, we can take the guesswork out of your insurance planning by connecting you to the best disability insurance products so you can stay prepared for unexpected accidents.
We also offer a wide range of financial services from employee benefits, financial advising, and more, so get in touch with us at (587) 800-4515 to see how we can ensure you’re covered for life.