May is Disability Insurance Awareness Month: Here’s Why It Matters

Every May, Disability Insurance Awareness Month (DIAM) shines a spotlight on an important but often overlooked aspect of financial security: protecting your income in the event of illness or injury. While many people insure their homes, health and lives, they often forget to safeguard their most valuable asset – their ability to earn a living.

Why Disability Insurance Deserves Your Attention

According to the Council for Disability Income Awareness (CDIA), one in four working adults will experience a disability that prevents them from working for three months or longer during their career. These aren’t just limited to catastrophic events, either: they include common occurrences like back injuries, surgeries or serious illnesses that can temporarily sideline you.

Disability insurance provides a safety net by replacing a portion of your income when you’re unable to work due to a qualifying condition. This financial support can be critical in helping cover everyday expenses such as groceries, utilities and mortgage or rent payments, ensuring that a health setback doesn’t derail your financial stability.

The Financial Impact of Being Unprepared

Without disability insurance, many families are forced to dip into savings or retirement funds to make ends meet during periods of income loss. This not only jeopardizes long-term financial goals but can also lead to increased stress and financial hardship. Having a disability insurance policy makes it easier to focus on recovery without the added worry of financial strain.

Taking Action During DIAM

Disability Insurance Awareness Month is the perfect time to assess your current coverage and understand your options. Start by reviewing any disability benefits offered through your employer. If additional coverage is needed, consider exploring individual disability insurance policies, which can be tailored to your specific needs.

Remember, your ability to earn an income is one of your most valuable assets for the future – take steps to protect it today!