Do I Need Disability Insurance?

do i need disability insurance

No one knows when they might need disability coverage throughout their career. Majority of people don’t think they will ever become disabled, but the risk is higher than you may believe.

In fact, according to 2014 U.S Census Data, 27.2 percent of the total population is disabled. To even greater surprise, according to 2013 data from the Council for Disability Awareness’s Disability Statistics, 1 in 8 workers will be disabled for five years or more during their working careers.

Having to take time off due to a disability or illness could lead to losing thousands of dollars from missed paychecks. Just because disability is unpredictable doesn’t mean you can’t and shouldn’t have a plan.

Your plan should be Priority Income Protection (PIP). PIP is a type of disability insurance policy that can pay you a monthly benefit when you are unable to work due to an injury or illness. However, the injury or illness cannot be caused or be related to your current employment.

Four scenarios are considered for your disability benefits: total, partial, recurrent, and waiver of premium. Each of these definitions shows why you need PIP.

Total. This is when you are 100 percent unable to perform the tasks of your regular occupation due to injury or illness, and you are not participating in any work for wage or profit.

Partial. This is when you are unable to perform the requirements of your regular occupation for 20 to 50 percent of the time. Under this situation, your PIP policy will pay 50 percent of the total monthly benefit for up to six months.

Recurrent. If and when a disability or injury occurs within six months of returning to your job full time or when an unrelated disability or injury occurs within 30 days of returning to your job full time. In this scenario, you will not have to complete the typically required waiting period.

Waiver of Premium. As long as your benefits are payable, we will waive the premium for your coverage after you are disabled for 90 days. You will also receive a refund for any premiums paid during the 90 days.

So, do you need PIP? Yes! We are all at risk for sudden injury or illness. You need to take advantage of this opportunity to be prepared before it’s too late. PIP is there to take away all the fear and stress of how you will handle your finances when a disability strikes. Plus, PIP is available to everyone, despite their occupation or income.

Call an Avery Hall expert to apply, today!

Please note that PIP is a Disability Insurance product of Mutual of Omaha. Avery Hall offers several other products that are similar to PIP.  Our experts will assist you in selecting the product right for you based on your need and budget.


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