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The risks of becoming temporarily or permanently disabled and the resulting financial impacts are very real and often underestimated. Consider…

  • Statistics from the 2000 US Census indicated nearly 20% of the nation’s population had some type of long-lasting condition or disability. (Source: www.naic.org, February 2007)
  • The younger you are the greater the chance of being disabled vs. dying.
  • Almost 30 percent of people between the ages 35 and 65 will experience a disability that lasts at least 90 days during their working careers. (Source:www.soundfinancialplan.com)
  • Approximately 1 out of 7 people between ages 35–65 can expect to become disabled for five years or longer. (Source: www.soundfinancialplan.com)
  • Most people spend 65% – 75% of their income to cover monthly expenses.
  • Savings can be quickly wiped out. If you save 10% of your annual income, you could wipe out 10 years of your contributions if you were unable to work for a year.
  • Approximately 2/3 of initial Social Security Disability claims are denied, and it can take up to 17 months to get funding. (Source: USA Today Online, July 2007)
  • 48% of all home foreclosures are brought about by a disability. (Source: National Underwriter, May 2002)
  • Half of all bankruptcies result from illnesses or the inability to pay medical bills. (Source: Washington Post, February 2005)
  • Disability benefits from an employer’s plan are usually taxable while benefits from policies purchased by an individual are income tax free.

disability insuranceHaving your own disability insurance, in addition to any group disability income protection that your employer may provide, is important because employer provided policy is cancelled when you leave the company, and employer provided coverage may still leave you with an income gap.  Be sure not to confuse disability insurance with workers’ compensation protection that employers provide as they are different.  The best way to protect yourself and those who rely on you is to understand available disability insurance options before an accident or serious illness occurs.  Let us help you review what you already have and suggest ways to improve your protection. Email, call or visit us…don’t wait until something happens.

NOTE:  This information is only a general description of the available coverages and is not a statement of contract. All coverages are subject to all policy provisions and applicable endorsements. Some coverage may be subject to individual insureds meeting underwriting qualifications and to availability within a state.   For further information contact a Murphy Insurance Agency Associate.

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The information provided in these articles are only general descriptions and should not be relied upon as complete, correct or accurate for your specific situation. All coverage informaiton is subject to policy provisions, endorsements and may be  subject to your meeting underwriting qualifications. Murphy Insurance Agency is not engaged in rendering legal, accounting or other noninsurance professional services. Consult an appropriate professional for advice regarding your own situation.