Healthy, working adults becoming disabled during their lifetime happens
more often that you might think. In fact, according to a Social Security
statistic, 1 in 4 20-year-olds will become disabled before they reach
retirement age. For many attorneys, their ability to earn an income plays
an important role in their financial security. It can also be a considerable
part of their family’s financial security. In this blog, our
professional insurance administrators discuss common misconceptions lawyers have regarding disability insurance.
1. It’s too expensive
We are met with, “It’s too expensive” all too often from
attorneys, but the reality of the situation is, not having long-term disability
coverage might jeopardize you and your family’s livelihood should
something happen to your ability to earn an income. Consider this, according
to a 2012 survey conducted by the U.S. Group Disability Rate & Risk
Management, the average long-term disability claim lasts for 34.6 months.
Do you have enough savings to pay your mortgage, credit card debt, and
other bills for over two years? Long-term disability is something you
can’t afford not to have!
2. I’m healthy, I don’t need it
Long-term disability can happen to anyone. In fact, below are the most
common causes of long-term disability, all of which can occur in a seemingly
- Musculoskeletal disorders
- Mental health disorders
- Cardiovascular disorders
As a healthy young attorney, you also likely have significant amount of
student debt that you must pay off. If you are unable to work, that debt
can become an extremely heavy burden.
3. I have workers comp and social security coverages
Workers compensation and social security might help support you, but they
are likely not enough to pay off the significant amount of bills you will
likely have as an attorney. Statistically, long-term disability claims
are not work related, which means your workers’ compensation coverage
may not even apply.
We hope that now you have a better understanding of why purchasing long
term disability is so important for attorneys.
At Insurance Specialists, Inc., we offer quality insurance benefits at competitive rates. Call to get