Cincinnati Financial : Disability insurance keeps your focus on recovery

While an unexpected death can be devastating to a family, especially if the deceased had no life insurance, an unexpected disability can be equally as devastating. Without disability insurance, the person affected may worry about paying the bills when the primary focus should be on rehabilitation and recovery.

But disability is rare, right? Unfortunately not. According to the Social Security Administration, a 20-year-old worker has a 1 in 4 chance of becoming disabled before reaching retirement age. The average worker faces a 30 percent chance of job loss for 90 days or more after becoming disabled, according to LIMRA, a leading insurance and financial services trade organization. LIMRA also found that more than half of all personal bankruptcies and mortgage foreclosures came after a debilitating injury.

Disability insurance protects you and your family from loss of income if you are unable to work because of injury or illness. Policies for individuals offer terms of one, two or five years or up to age 65. Policies generally have waiting periods of 30 to 365 days before benefits begin.

Consider purchasing coverage sufficient to cover ordinary expenses, such as mortgages, insurance, groceries, utilities and other incidentals that continue when you are unable to work. This allows you and your family to maintain your lifestyle while you recuperate from a debilitating injury or illness. A monthly benefit amount equal to 60 to 70 percent of your gross income is a standard recommendation, but your local independent insurance agent can help you determine the best coverage for your situation.

No one wants to worry about being able to make ends meet after being disabled, yet LIMRA finds that 70 percent of Millennials and 68 percent of Generation X worry about not being able to work or support themselves due to a disability.

Talk to your local, independent insurance agent about finding coverage to meet your needs.