You might not feel like you’re at risk right now, but disability insurance can be a lifesaver.
Contrary to popular belief, disability insurance doesn’t just cover on-the-job injuries. Disability insurance is, of course, very important if your job carries the risk of a serious injury. Still, even if you work from the comfort of a cushioned cubicle, it can make a big difference should you receive an injury outside the office. Disability insurance won’t cover minor paper cuts, but if you are injured outside of work and rendered unable to work, this insurance will save you from another world of trouble.
According to the Bureau of Labor Statistics, the disabilities that require the most in worker’s compensation costs are Musculoskeletal Disorders (MSDs). In fact, they account for about 30% of all worker’s compensation costs in the US. Most of these compensation costs are claimed due to after-work induced MSDs, which include:
- Back pain
- Carpal tunnel
These issues are often brought on by anxiety, depression, pregnancy, or cancer. They typically strike without warning signs and can catch you by surprise, whether you’re working at the time or not.
While you may not think you need disability insurance, remember that should you be uninsured if and when these issues strike, social security won’t cover your lost income in full. If you’re relying on a steady, consistent income to support yourself, or you’re in debt, these issues can ruin your life. That’s why it’s better to be safe than sorry when it comes to disability coverage.