Disability insurance is a crucial safety net that provides income in the event you're unable to work due to illness or injury. It's particularly important to consider for those with heightened health risks, such as heart issues, and for self-employed individuals who might not have access to employer-provided benefits. Studies indicate that "1 in 4 of today's 20-year-olds can expect to be out of work for at least a year because of a disabling condition before they reach the traditional retirement age," according to the Social Security Administration. Yet, despite the significance, many overlook the importance of disability insurance, especially those in high-risk categories or without traditional employment benefits.
For individuals with concerns about heart health, securing disability insurance is a preemptive measure to ensure financial stability. Heart disease remains a leading cause of long-term disability. The Centers for Disease Control and Prevention (CDC) reports that "heart disease is the leading cause of death in the United States, claiming approximately 697,000 lives in 2020 alone." This statistic underlines the necessity for those with a predisposition or existing heart health issues to consider disability insurance as part of their health and financial planning.
Self-employed individuals, who often lack the safety nets afforded to those in traditional employment, must approach disability insurance with a strategic mindset. They are responsible for their own disability coverage, which often means navigating complex options and higher premiums. According to a report from the Bureau of Labor Statistics, only "9% of self-employed workers have access to disability insurance through their employment." For the self-employed, especially those with concerns about heart health, individual disability insurance policies become not just an option but a necessity for protecting their income and ensuring business continuity.
Selecting the right disability insurance requires understanding the specifics of your health situation, lifestyle, and business needs. Policies vary greatly in terms of coverage, premuim costs, and benefits period, making it critical to carefully evaluate options. Consider policies that offer “own occupation” coverage, ensuring you receive benefits if you’re unable to perform in your specific profession. Consulting with a financial advisor or insurance specialist who understands the unique risks associated with heart health and self-employment can also guide you in making an informed decision, ultimately securing your financial future against unpredictability.
