It's entirely possible to live a normal life with a disability, and most people do, but it doesn't always come easily. It doesn't come cheap either, as there are often high medical costs associated with long-term disability. That's why disability insurance is such an important benefit for everyone, and one that is all too often overlooked.
Disability Claims Are More Common Than You Think
According to the latest study from the Council for Disability Awareness, in 2014 there were 662,000 individuals receiving long-term disability payments. This number has hovered pretty steadily between 600,000 and 700,000 for the past decade or so. This alone is a large number, larger than you might expect, but keep in mind that they only surveyed a fraction of businesses and this is only regarding long-term disability payments. Many of today’s workers become disabled but don't have disability insurance at all.
Losing Your Income Stream Can Be Financially Devastating
The ability to work to earn an income is probably the most important asset that your employee has, but it can be taken away in an instant. With many employees currently living paycheck to paycheck the loss of an income stream can ruin them financially. Bills start piling up, stress mounts, and suddenly instead of recovering from their illness they are up all night worrying about money. Disability insurance provides a much-needed safety net that gives employees a fair shot at recovery.
Disability Costs Businesses Too
As an employer you have a vested interest in the health and wellness of your employees. A healthy worker is a productive worker. Disability doesn't mean an employee won't be able to work in some capacity, and most are able to return to normal work after a recovery period. During this time it's important that they be afforded the opportunity to truly focus on recovery, and not be distracted by financial problems that may have occurred as a result of missing work.
Think about it, if you were to lose a key employee to disability you would obviously prefer that they undergo a speedy recovery so they can return to work, and disability insurance helps facilitate that. Not just financially either, many disability packages offer benefits like free physical therapy. When your goal is to get employees healthy so they can work again, disability insurance is a no-brainer.
Disability Insurance Casts A Wide Net
According to the survey mentioned above the top 5 causes for disability claims are:
- Musculoskeletal/connective tissue disorder
- Disorders of the nervous system
- Cardiovascular circulatory/conditions
As you can see a wide range of conditions could cause someone to need to take disability leave from work. In fact an injury, which is what typically comes to mind when you hear “disability”, just barely makes the top five causes. There are also are many illnesses which can make it difficult for an individual to perform his or her work duties and for the most part the affected worker has no control over their own recovery. You could think of disability coverage as a way to give your employees a little control back. You can't always prevent illness or injury, but when it does happen helping them to be financially protected, is invaluable.
Please contact us at Summerlin-Roberts today to learn more about offering disability insurance to your valued employees. We offer our programs on both a voluntary and employer paid basis to best fit your unique organizational needs.