The Freak Accident That Can Change Your Life

I was having a recent conversation with some fellow business owners about a colleague who had taken a nasty fall and was out of commission for a couple of weeks. Interestingly enough, we all had our own stories to tell of falling down the stairs at one time or another.

Now, I have to admit, this group happened to consist mostly of women, but it was amazing to me that we all had a similar story to tell about this topic. It reminded me of how common accidents happen every day to all of us. Thankfully, our stories were minor accidents; not everyone is as lucky.

I can tell you a story of a woman who was not as lucky.  She was working as a receptionist and administrator in a large office. One year, she bought roller blades for her kids and decided to join them in the fun and buy herself a pair.

So, after setting out after only a few times on the blades, she lost control going down a hill and crashed into a dumpster. Both of her knees were severely damaged and she ended up needing surgery. Even though she had a relatively stationary job sitting at a desk, she was unable to go to back to work for over 6 months. She ended up having to move in with family because she couldn’t afford her apartment anymore and things were very tight for awhile. She came out of it okay, she was eventually able to get back on her feet, but it changed their family life drastically for years.

The reason why I wanted to share this story is because May is Disability Insurance Awareness month. Have you ever stopped to think how a simple, every-day task could result in an accident that could alter your ability to carry on with every-day life? While I know we cannot sit around worrying about these things, there are ways to prepare for it.

An additional detail to the story I just told was that the woman actually had some disability insurance coverage through the company she worked for. It was the typical group benefit, minimal cost, covered 60 percent of her income. So, that did help her out some, but let’s think about that. Could you afford to take a 40 percent pay cut tomorrow?

Disability insurance does not have to be expensive, or extensive. The policy can vary greatly, all depending on the type of job you have, how you get paid and how much your income is. You can cover as much or as little as you want. We are all familiar with the AFLAC duck, right?

Well, this is what they are talking about. It’s not medical insurance or based on medical costs of injuries, disability insurance helps to cover loss of your income. It replaces your paycheck. We insure our belongings, our lives, our assets. What about insuring the main source to sustaining a lifestyle and growing assets? Everyone who earns an income needs disability insurance; it’s just a matter of determining how much is right for you.

For more incredible stories of people who have overcome life-changing disabilities and how disability insurance bridged the gap from hopeless to new life, check out this page from lifehappens.org. 

In my next post, I will talk more about the details and options that come with a disability insurance policy, so that you can understand how they work and how they apply to your specific situation. In the meantime, enjoy the spring weather, but be careful out there!