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It serves an obvious purpose, yet the Council for Disability Awareness reports that over 51 million working Americans have no disability insurance at all. That number should surprise you, considering that less than half of Americans have enough savings to cover a mere three months off work.

If you're skeptical about adding another bill to the pile, here are three things you need to consider.

1. ‘Disability’ and injury are not synonymous

Sick woman on bed concept of stomachache
Mygate / Shutterstock

Injuries are a scary reality of the workplace. Each year, 2.8 workers out of 100 suffer a non-fatal injury or illness while on the job, according to the most recent data from the U.S. Bureau of Labor Statistics.

“But I work in a cubicle, so I’m safe,” you might think. What about arthritis? Digestive disorders? Depression? Even pregnancy can be considered a short-term disability if it hinders your income.

You don’t need to work on an oil rig to be at risk for disability. It pays to start looking at coverage now, which you can do online.

More: Protect your income in case you get sick

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2. Primary earners need to be extra cautious

Man calculating his bills while his family are on the sofa
wavebreakmedia / Shutterstock

Half the country’s workers don’t have enough saved up to cover an unexpected $400 bill, according to the Council for Disability Awareness. Losing income for even a little while would be disastrous.

When you’re the primary earner in your household, you have to expect the unexpected. It doesn’t matter that you’re so physically fit you ran a marathon last year; even the healthiest people get hurt or sick through no fault of their own.

So if you’ve got a family that relies on your steady stream of income, it’s a terrible risk to assume “It won’t happen to me.”

How to Get Disability Insurance, Stress-Free

It Only Takes 15 Minutes

3. Employers' coverage is often limited

Angry businesswoman arguing with businessman about paperwork
fizkes / Shutterstock

It’s true that you can obtain disability insurance through an employer-sponsored benefits plan. While your premiums may be less expensive, you get what you pay for.

Group insurance plans typically have a cap on benefits, which can be problematic if you’re one of the higher earners at your company. Plus, your group coverage will only cover a portion of your base salary and won’t account for bonuses earned, including commissions. Oh, and did your employer mention that your benefits can be taxed? Because your benefits can be taxed.

When you get your own disability insurance, you can tailor your coverage to your needs and won’t lose a chunk of your payout to the government.

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How to find coverage

Beautiful young woman in casual clothing using laptop and smiling while working indoors
G-Stock Studio / Shutterstock

As always, the best time to get disability insurance is right now.

Not only will you be prepared if a serious injury or illness is right around the corner, but you’ll also pay lower premiums when you’re younger. In fact, if you act soon enough, some companies will charge as little as $9 a month.

Nowadays, it’s trivial to apply. A number of great providers will let you skip the medical exam entirely and apply online in minutes. You can find policies to match every income and every type of household.

Once you’re done, you’ll be protected no matter which way the dice fall. That’s peace of mind worth paying for.

Get a Disability Insurance Quote

It Just Takes 15 Minutes

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Sarah Cunnane Former Staff Writer

Sarah Cunnane was formerly a staff writer at MoneyWise. She is a writing and marketing professional with an Honors Bachelor's degree in English and Creative Writing from the University of Toronto.

Disclaimer

The content provided on Moneywise is information to help users become financially literate. It is neither tax nor legal advice, is not intended to be relied upon as a forecast, research or investment advice, and is not a recommendation, offer or solicitation to buy or sell any securities or to adopt any investment strategy. Tax, investment and all other decisions should be made, as appropriate, only with guidance from a qualified professional. We make no representation or warranty of any kind, either express or implied, with respect to the data provided, the timeliness thereof, the results to be obtained by the use thereof or any other matter.