Disability Insurance Awareness Month: Essential Protection for Your Income

May is Disability Insurance Awareness Month, which is a good time to consider how you would handle not being able to work due to an unexpected illness or injury. For many of us, employment income is what we and our families rely on to cover our daily expenses. But do you know how you would cover those expenses if you were unable to work?

What Is Disability Insurance?  

Disability insurance is designed to replace a portion of your income if you become unable to work due to illness or injury. It can include both short- and long-term disabilities, covering a wide range of conditions from temporary injuries to giving birth to chronic or mental health conditions.

This insurance can provide financial support when you need it most, allowing you to continue paying your bills and maintain your quality of life when your income is disrupted.

Who Should Consider Disability Insurance?  

Disability insurance can benefit most people, including:

• Any worker who isn't independently wealthy and depends on their income to support themself or a family
  • Only 44% of Americans are prepared for a $1,000 emergency expense.¹  
• Those who think “It won’t happen to me” or “I’m young and healthy”
  • In reality, about one out of four 20-year-olds today will become disabled before reaching age 67²
• Workers who are already covered by a state with mandated paid family and medical leave or workers’ compensation
  • Short- and long-term disability can cover your income beyond limits of state-mandated programs
  • Workers’ compensation only covers approved illnesses and injuries that occur on the job, while most disabilities result from conditions outside the workplace

Why Is Disability Insurance Important?  

The importance can be summed up in three words: peace of mind. Knowing that you have a safety net in place for your income allows you to focus on recovery without the added worry of financial instability. Disability insurance ensures that you can continue to provide for yourself and your loved ones even when facing health challenges.  

Moreover, disability insurance can be a critical component of a comprehensive financial plan. It complements other forms of insurance — such as health and life insurance — by addressing the specific risk of income loss due to disability. This holistic approach to financial planning helps protect against a variety of unforeseen circumstances, making sure that you are covered from all angles.

Final Thoughts

Disability insurance is not just a financial tool; it is a crucial element of a secure and resilient future. The Standard is here to support your recovery journey and income protection needs during Disability Insurance Awareness Month and all year round. Learn more about the key benefits and features of disability insurance and how The Standard partners with employers to provide this important coverage.