You’ll Likely Recover, But Will Your Finances?
When most people think about “disability,” they imagine something catastrophic and permanent—and that it won’t happen to them. Far more frequently, however, the common causes of “disability” keep people out of work for a while, but eventually they recover and return to work. This is why disability income is essential.
While catastrophic events may happen, people experience more common causes of disability every day—even younger people who view serious health issues as distant concerns. When they do recover, having a disability income plan in place helps pay essential day-to-day expenses during an extended recovery and reduces financial stress or even the likelihood of bankruptcy.
Common Causes
Musculoskeletal Disorders: Commonly referred to as back pain, these conditions— including arthritis—affect nearly 30% of long-term disability claims, often arising from daily activities or minor injuries.
Cancer: Cancer diagnoses in people younger than 50 are on the rise. Various cancers can lead to substantial financial strain due to treatment-related work absences, even if patients recover.
Pregnancy-Related Issues: Complications from pregnancy and childbirth can impact work, with about 10% of claims involving these concerns. Long-term disability insurance can provide essential support.
Mental Health Disorders: With over a quarter of the population diagnosed annually, conditions like anxiety and depression are increasingly recognized as significant contributors to long-term disability.
Expecting a baby? Disability insurance can help.
Disability insurance offers valuable financial benefits for expectant parents. In the event that you become unable to work during or after your pregnancy, disability insurance can help. You’ll want to understand the coverage of your disability insurance policy. Short-term disability insurance – the most common plan – typically covers shorter-duration disabilities such as pregnancy complications. Long-term insurance is designed for more serious and extended periods of disability.
Injuries: Comprising 9% of long-term disability claims, this category includes a wide range of incidents, from accidents to surgical recoveries.
Cardiovascular Conditions: Sudden events like heart attacks and strokes can lead to extended absences from work as individuals recover their health.
Nervous System Disorders: Conditions such as multiple sclerosis, Parkinson’s disease, and early-onset Alzheimer’s can affect individuals during their prime working years, impacting their ability to work.
Infectious Diseases: From common illnesses like the flu to emerging infections, the risk of work loss due to infectious diseases is growing, especially with increasing antibiotic resistance.
Digestive Disorders: Affecting forty percent of Americans, conditions like celiac disease and Crohn’s can lead to significant work absences as individuals manage their health.
Respiratory Diseases: Chronic conditions like asthma and other lung ailments can severely impact an individual’s ability to work, highlighting the importance of long-term disability coverage.
