Do you rely on your paycheck every month to cover your essential expenses? How long would you be able to support yourself if you were unable to earn a living?
Although it can be grim to think about the answers to these life questions, the reality is that accidents happen and that many people do not plan to protect themselves or their paychecks from potentially disabling events.
To highlight the importance of disability insurance and the possible impacts of not having this coverage, below we have shared some important facts about protecting your income. If you have questions about your short- or long-term disability insurance policy – or if you are battling with an insurance company over a disability claim, don’t hesitate to contact a Denver disability lawyer at McDermott Law, LLC.
The Facts about Disability Insurance
- Nearly 2 in every 3 Americans rely on their paychecks to survive and need disability insurance to protect their income.
- Less than 1 in every 3 Americans – about 29 percent – actually have disability insurance coverage.
- About 50 percent of working Americans would experience financial struggles within the first month of becoming disabled if their impairment prevented them from working.
- Roughly 1 in every 4 Americans would immediately experience financial problems upon becoming disabled and being unable to work.
- Only about 33 percent of workers in the U.S. have the option of purchasing disability insurance via their employer.
- About 90 percent of the disabilities that take people out of the American workforce result from illnesses (rather than from accidents). In other words, even people who work in professions that are not necessarily considered to be dangerous can still have a need for disability insurance.
- About 25 percent of 20 year olds currently living in the U.S. will develop a disability at some point during their career.
- Nearly 3 in every 4 long-term disabilities that prevent Americans from working stem from non-work-related events or issues, meaning that workers’ compensation would not cover these workers.
Another Grim Reality: The Challenges of Dealing with Insurance Companies
While the above facts underscore the importance of having short- and long-term disability insurance coverage, it is also crucial to understand that simply having this coverage may not be enough to provide you with the financial safety net you expect to have in the future if you do end up developing some disabling condition.
That’s because disability insurance companies do not always honor the policies they issue, as insurers are typically focused on protecting their profits – and that can come at policyholders’ expense.
So, the bottom line is that, if or when you need to deal with an insurer regarding a disability claim, retaining an experienced attorney – like Denver Disability Lawyer Shawn E. McDermott – can be integral to the success of your claim, your financial recovery, and your future.
Contact a Denver Disability Lawyer at McDermott Law, LLC
If your disability insurance claim has been wrongly denied, you can turn to Denver Disability Lawyer Shawn E. McDermott for experience in standing up to insurers and help in obtaining the benefits you likely deserve.
From our offices in Denver, we provide the highest quality legal services to disabled people throughout the state of Colorado, the surrounding states and nationwide.