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Have you considered what would happen to your family if you became sick or injured and could not work?
"If I become disabled, workers' compensation will pay me."
Workers' compensation is limited to on-the-job injuries. About two-thirds of all disabling injuries suffered by American workers in 2002 occurred off the job and were not covered by workers' compensation.2A weekend sports injury or a sudden illness can keep you off the job and cause unexpected out-of-pocket expenses.
"I can always draw Social Security benefits if I can't work."
Social Security only pays a limited benefit for severe disabilities that are expected to last at least 12 months or result in death. In 2002, only about 45% of people who applied for Social Security disability insurance benefi ts received them.3But even those who qualify may be surprised by the amount of the benefit. In 2002, the average monthly benefit for a 30-year-old worker was $627.4
"A disability probably won't happen to me."
Disabilities can happen to anyone, anywhere at any time. One out of three Americans can expect to have a sickness or disability lasting at least 90 days at some time during his or her career.5Something to think about: Disability insurance helps replace a portion of your salary during a disability. Unum's income protection insurance can help replace a portion of your income if you are unable to work due to a covered injury or sickness. This means you can have some income during a time of need.
"I have savings to fall back on if I get sick or injured."
The fact is most American workers have insufficient savings to sustain them through a period of disability. In 2000, the average personal savings rate was about 1% of income.6 This means that a person who earns $40,000 only saves about $400 each year.How long would you be able to rely on your savings to make your mortgage and car payments, reduce your credit card debt or pay your utility bills? And if you used your savings, what would happen to your plan to save for retirement or for your children's education?
Something to think about: Without additional financial protection, disability expenses could drain your savings very quickly. Along with a temporary loss of wages, a disability can result in additional expenses for childcare, home care, special equipment, medication and medical deductibles.
An affordable solution
Purchasing coverage at work can save you money. You'll get all the information you need to make an informed decision and you can ask questions about the coverage before you buy it. Other advantages to purchasing coverage at work include:- competitive rates;
- premiums paid through convenient payroll deduction; and
- prompt, efficient claim service through
Unum's Benefits Center. Your employer is making this valuable insurance coverage available to you through Unum, the leader in income protection.7 Take advantage of this opportunity to help protect your family's financial security.
