Many unexpected life events can render consumers incapable of earning the income needed in order to provide for their family.
Purchasing life insurance coverage can protect against the financial consequences of a death, while disability insurance may help your income endure short- or long-term injuries. A recent report by research organization LIMRA indicated that many consumers are not taking precautions against the latter.
Twenty-six percent of respondents had disability insurance, according to the report, despite 70 percent of households relying on two incomes. LIMRA is currently promoting a Protect Your Paycheck campaign including a tool kit, short videos, fact sheet and more in honor of Disability Insurance Awareness Month.
“It’s important to remind Americans that protecting and providing for yourself and your family in the event of a disabling accident or illness is an act of love,” Robert Kerzner, president of LIMRA, LOMA and LL Global, said.
Cost-cutting consumers may be able to bring their disability insurance premiums down by choosing a benefit period – like one that ends at age 65, for example – or picking a longer waiting period than the usual 30 days, according to the Insurance Information Institute.