A recent report states that Social Security Disability Insurance (SSDI) could run dry by 2028. What will you do if you get disabled a decade from now? Perhaps it’s time to think about owning your very own Disability Insurance policy.
According to a July 2017 report from the Heritage Foundation , the Social Security Disability Insurance (SSDI) Trust Fund could run out of money by 2028. The SSDI program has been in place since 1956. The report states that Americans receiving SSDI benefits has increased from 2.6 percent in 1990 to 5.1 percent in 2015. The report goes on to say: “Outright fraud and abuse, as well as an inefficient and perverse disability-determination process, also plaque the program.”
Doesn’t sound good, does it?
Now, you may be thinking: “Well, I’m young-ish. I have good balance. I got an ‘A’ in Gymnastics. There’s no way I’m gonna fall and get hurt. I’m never gonna need disability insurance. So who cares?”
Well, you should care. According to the Council for Disability Awareness, a working-age American suffers a disability lasting longer than 30 days…every 7 seconds. And most people run out of their savings within two months. These disabilities are most often caused by illnesses, but also by injuries. This same organization states only 32 percent of U.S. non-government workers have long-term disability insurance through their jobs.
So if so many Americans get disabled…and if less than a third of workers have disability insurance…and if SSDI might not be around in a decade…how do your protect yourself…and your income…should you get hurt or sick down the road?
What do I do if SSDI disappears?
Good question. One of the recommendations of the Heritage Foundation report: “Private disability insurance (DI) provides a far superior product. Private DI aims to help workers stay in their jobs or to rehabilitate them into new ones, and it delivers higher benefits at a lower cost than SSDI program.”
We couldn’t have said it better ourselves. Disability Insurance can protect your income from being eliminated or greatly reduced by a long-term disability.
How much income are we talking about?
Let’s say you’re 45 years old, earning $75,000 per year. By the time you are scheduled to retire (also counting raises and bonuses), you will have earned around $3 million. That’s a nice chunk of change, right?
By purchasing Disability Insurance, you can protect your earning potential with a DI policy that’s very affordable.
Think about it…your MOST VALUABLE ASSET is YOUR ABILITY TO EARN AN INCOME.
The advantages to having your own DI policy.
Even if SSDI continues to chug along past the next decade, you’re potentially not out of the woods. If you do have a disability claim, collecting from SSDI is not easy or quick thing. Some people have been known to wait over a year to collect any money. And some actually have to hire an attorney (and give away a third of their benefits) to receive any cash.
But if you have your own personal DI policy, you won’t have the hassles of haggling with some faceless government bureaucrat to get the financial assistance you need…when you really need it the most. And you disability benefits will arrive tax-free!
Bottom line…it’s better to be safe than sorry. Why worry that someday you might not be able collect DI benefits if you get injured? Own your own DI policy TODAY. Your family will thank you. And so will your piggy bank.
For more information about Disability Insurance, talk to the DI specialists at AccuQuote. We can get you the right DI policy that fits your needs, from the top-rated, brand-name insurance companies you know and trust.