Protect Your Income from the Risk of Disability

Published on Tue, 05/05/2015 - 23:55

Unless you work in a dangerous profession such as law enforcement or high rise construction, you may not think much about the risk of becoming injured or disabled. Surprisingly, the risk is quite high. In fact, according to, one in eight people suffer a disability every year and just over 1 in 4 of today's 20-year-olds will become disabled before retirement.

Protecting your income from the impact of disability is an essential personal responsibility and part of every strong financial plan. To make sure all Americans are prepared for the risk of disability, May is Disability Insurance Awareness Month.

Are you prepared for the worst?

The word “disabled” is not reserved solely for combat veterans or individuals confined to a wheelchair. Disability occurs when illness, chronic pain, injury or a mental health condition prevents us from working.

What would happen to your family if you couldn’t work for six months due to heart surgery or cancer treatment? What if a brain injury from a car accident rendered you unable to function at normal capacity? What if a stroke left you unable to speak?

Your greatest asset is your ability to earn an income. With so many Americans living paycheck to paycheck, disability insurance can mean the difference between maintaining a reasonably comfortable lifestyle and losing everything you have worked so hard to build. In fact, according to, disability is the leading cause of personal bankruptcy and foreclosure. Purchasing disability insurance ensures your ability to pay your mortgage and other monthly expenses while you are unable to work. It is an essential component of your financial plan.

How about your business?

Businesses are at double the risk of serious consequences to their bottom-line if illness or injury should strike. When business owners are unable to work, their personal income can be impacted and the optimal operation of the company is compromised, which ultimately jeopardizes the income of every employee. Providing disability insurance for yourself and key personnel safeguards your company’s long-term viability. It can mean having the available cash flow to hire a replacement and keep the company running at peak production. It is good business to offer voluntary disability insurance to all of your employees, even if you offer a nominal level of disability insurance coverage as part of your standard benefit package.

How high is your risk of disability?

Follow this link to find out your Personal Disability Quotient, or how much your age, occupation and life style choices put you at risk for disability.

Then, take preventative measures on several fronts. First, preserve your health by knowing your highest risk factors and make the changes necessary to reduce them. Second, protect your earning power by securing adequate disability insurance. Finally, if you are a business owner, safeguard your investment in your employees by offering disability insurance and covering key personnel, including yourself.

Our Heffernan Insurance experts can help you identify the best options available for protecting your greatest asset, your ability to earn income. Contact us today!