TDCI Highlights Disability Insurance Awareness During May

NASHVILLE – May is Disability Insurance Awareness Month, and the Tennessee Department of Commerce and Insurance (TDCI) encourages all Tennesseans to consider protecting one of their most important assets – their paycheck.

Disability insurance is insurance for your income. It replaces a portion of your income if you are unable to work due to an illness or injury.

Unfortunately, too many Tennessee workers don’t protect their income, leaving them vulnerable to the financial consequences of an illness or injury that prevents them from earning a paycheck. Without insurance, even those who experience a short-term illness or injury can quickly run out of money without a backup plan to replace their lost income.

“Disability insurance is often a forgotten line of insurance, but it can provide significant benefits to policyholders at a time of great need” said Michael Humphreys, TDCI Assistant Commissioner for Insurance. “These policies protect a policyholder by providing financial assistance that can help pay living and other expenses—including food, mortgages, or tuition—that may otherwise be difficult to afford when the policyholder loses his/her ability to earn a living through employment.”

Short- and long-term disability insurance can help working Tennesseans protect themselves in the event of an illness or injury. Disability insurance and other income protection insurance products can be obtained through employer-sponsored benefits or purchased individually. 

“The Department encourages Tennesseans to consider disability insurance as they review their individual or family’s insurance and financial needs,” Humphreys continued. “We also urge employers, large and small alike, to consider making disability insurance benefits at least available to Tennesseans through the workplace—where most people with disability insurance obtain coverage. The Department, insurance agents, companies and others are more than happy to help Tennesseans learn more about disability insurance products.”  

Employers can play an important role in providing access to disability insurance for their employees.  Employees trust their employer to provide financial and insurance information.  And obtaining disability insurance coverage at the workplace is less expensive for employees than getting it on their own.

For more information about disability insurance, visit the NAIC Insure U - Get Smart About Insurance site to learn how to make educated decisions about the insurance protection you may need.

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