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Disability will impact nearly 1 in 5 people in the United States, and half of those disabilities will be severe. What happens when you become disabled? Will you be able to live a normal life? Take care of your responsibilities? Work? These are the questions that cross everyone's mind when faced with a disability.
Disability insurance is often misunderstood. It isn't something that you use often like health insurance and the best case scenario is that you never get to use it at all. You can't exactly blame employees for thinking it's not all that necessary. In reality it's a benefit for everyone, even the youngest and healthiest of employees.
When you hear the word "disability" it immediately conjures to mind an aging or infirm person. Someone who is young and in great shape doesn't need to worry about a disability, right? This is unfortunately not the case. Even young, healthy adults are not immune to illness or injury.
There is a lot of talk about employee benefits and how important it is to provide a competitive benefits package these days, but one benefit that is often sadly overlooked by both employers and employees is disability insurance. Disability insurance is a voluntary benefit that provides financial help to employees who are unable to work due to illness or injury. Unlike workers compensation, it covers injuries that occur outside of the workplace.
We recently talked about how accident insurance is a way to strengthen your employee benefits offering without putting a strain on your budget.
Disability insurance is another voluntary benefit that can give employees the peace of mind that their bills will be taken care of when tragedy strikes. However, a number of younger employees don't give much thought to disability insurance as they often feel they're untouchable.
Disability insurance seems pretty straightforward, right? However, if you ask employees what disability insurance really is, you'll probably find that a lot of people are hard pressed to offer an explanation.
In the most simplest of definitions, disability insurance will help to protect an employee's paycheck.
In the event of an injury, how long would your employees be able to get by without a paycheck before they would experience a financial hardship? If you ask your employees this question, you may learn that they would be in financial distress after missing just one month's paycheck. These are ideal candidates for disability insurance.
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