Blog Article

Safeguarding Your Future: Understanding the Vitality of Disability Insurance

By Merriman Wealth Management, Wealth Advisor
Published On 03/20/2024

In the hustle and bustle of daily life, it’s easy to overlook some of the most crucial aspects of financial planning. One such element often sidelined is disability insurance. We tend to focus on insuring tangible assets like homes, cars, or even our health, but what about safeguarding our ability to earn income? It’s time to shine a light on the importance of disability insurance and why it should be a cornerstone of your financial strategy.

Your Ability to Work: A Valuable Asset

Imagine for a moment the impact of losing your ability to work and earn income due to a disability. Your income is not just a means to pay bills; it’s the foundation upon which you build your life, dreams, and aspirations. Disability insurance protects this invaluable asset by providing a financial safety net in case you’re unable to work due to illness or injury.

Employer Coverage: A Starting Point

Many employers offer disability insurance coverage as part of their benefits package. While this is undoubtedly a valuable perk, it’s essential to scrutinize the details. Employer-sponsored plans may have limitations or coverage gaps that could leave you vulnerable. Consulting with a financial advisor can help you understand the extent of your employer’s coverage and whether additional protection is necessary.

Supplemental Coverage: Ensuring Peace of Mind

While relying solely on employer-provided disability insurance is a start, it might not be sufficient to maintain your lifestyle in the event of a disability. Supplemental coverage can bridge the gap and ensure you have adequate financial support during challenging times. It’s a proactive step towards safeguarding your financial well-being and that of your loved ones.

Social Security Disability Benefits: Not Always Enough

Some individuals may assume that Social Security disability benefits will suffice in case of a disability. However, the reality is far from ideal. The eligibility criteria for these benefits are stringent, and even if you qualify, the amount granted may not be enough to cover your expenses adequately. Relying solely on government assistance can leave you financially strained and struggling to make ends meet.


Disability insurance should not be just an afterthought; it’s a vital component of your financial security. Your ability to work and earn income is perhaps your most significant asset, and protecting it should be a top priority. Whether through employer-sponsored plans or supplemental coverage, ensuring adequate protection is crucial. Don’t wait until it’s too late to safeguard your financial future. Seek guidance from a qualified financial advisor who can help tailor a disability insurance plan that suits your needs and circumstances. Remember, proactive planning today can make all the difference tomorrow.




Disclosure: All opinions expressed in this article are for general informational purposes and constitute the judgment of the author(s) as of the date of the report. These opinions are subject to change without notice and are not intended to provide specific advice or recommendations for any individual or on any specific security. The material has been gathered from sources believed to be reliable, however Merriman cannot guarantee the accuracy or completeness of such information, and certain information presented here may have been condensed or summarized from its original source.  Merriman does not provide tax, legal or accounting advice, and nothing contained in these materials should be taken as such. To determine which investments may be appropriate for you, consult your financial advisor prior to investing. As always please remember investing involves risk and possible loss of principal capital and past performance does not guarantee future returns; please seek advice from a licensed professional.


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By Merriman Wealth Management, Wealth Advisor

At Merriman, we manage your wealth so you can lead your best life. We take care of the financial planning and investment management, so you can deal in more possibilities and have the space you need to dream big.

Because it’s time to stop asking "What should I do?" and start saying, "This is what I could do."

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