by | July 16th, 2019

In a new survey of the awareness and ownership of disability insurance across today’s workforce, The Council for Disability Awareness (The CDA) uncovered that the 32 million, unmarried women workers, who make up 25 percent of today’s American workforce, are underinsured for a disability.    

The survey found that 52% of all single, working women, age 20-65, have no disability insurance at all.  For those women without disability insurance, over half reported they never thought to get it or didn’t know enough about it.  And of those who have disability insurance, only 55% say they have enough.

Disability insurance can help replace lost income due to an illness or injury.  In the event you become disabled and are unable to work, the benefits provided by Disability Insurance can help replace a portion of your earned income.  In most cases, you will want to have a policy that will cover at least 60 percent of your income.  This may be a stand-alone, Long-Term Disability plan, or a combination of employer-provided and a personal policy.  In addition, you do not want to rely on employer-provided coverage as benefits are taxable to you and often times are insufficient. Disability income insurance protects your greatest asset: your ability to earn an income.

Here are a few key features of Disability Insurance:

  • Monthly Benefit Amount
  • Elimination Period
  • Benefit Period
  • Residual Benefit
  • Catastrophic Benefit
  • Cost of Living Rider
  • Future Benefit Increase
  • Benefit Update Riders
  • Recognition of Occupation

To learn more, please click here.

If you are interested in discussing Disability insurance and your available options, please contact Fahmy & Associates today at (703) 760-4630 or email us at kfahmy@fahmyassociates.com.

— Ken Fahmy

CERTIFIED FINANCIAL PLANNER®   CHARTERED LIFE UNDERWRITER    CHARTERED FINANCIAL CONSULTANT