Private Disability Insurance Bolsters the Community as a Whole
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Wednesday, November 18, 2015

Every private disability insurance policy that you sell alleviates the pressure on the federal programs. When individuals opt to pay for DI independently with policies that would adequately cover their income needs during a leave of absence due to disability, the Social Security Disability Insurance program sees a savings. In fact, for every 10% increase in the number of American workers covered by private DI policies, the SSDI program saves as much as $3.5 billion over 10 years.

Almost all disability insurance policies are intended to serve as a bridge from one point of employment to another, with income-protected convalescence in between the two points. Private DI policy beneficiaries are far more likely to return to work than SSDI beneficiaries, in part due to dedicated return-to-work programs built into the private plans. These return-to-work services are estimated to save the federal government $25 billion over a 10-year period.

There is a direct connection between bankruptcy claims and the loss of income due to illness or disability. More than 70% of bankruptcies are likely at least partially caused by the combined burden of medical expenses and loss of income due to absence from work during recovery periods. Sometimes a period as short as two weeks away from work due to injury or illness can be enough to cause a family to declare bankruptcy.

Add to these whole-population benefits the ways that a private DI policy can safeguard an individual’s financial health and you have a prescription for financial security that is foolish to deny. It’s important that the nation as a whole begins to understand the vital importance of income protection and that our federal policies simply can’t handle the entirety of the problem without the assistance of the private sector.

Contact us anytime with questions about working with your clients to protect their paychecks. Our experienced team can offer guidance in communicating the benefits of adequate, private DI coverage. 

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