May is recognized as Disability Insurance Awareness Month, a significant period for individuals in the financial services industry to guide their customers on preparing for unforeseen circumstances and provide solutions that can help ease the financial burden during challenging times. Disability, physical or mental, can dramatically affect a person’s life. According to the Social Security Administration, one in four workers is likely to experience a disability throughout their working lifespan. As industry leaders, it is essential to assist borrowers in planning for unexpected situations.

With about 60 percent of Americans relying on paycheck to paycheck, unplanned disability-related expenditure can lead to financial strain. Indeed, 61 percent of customers express that they would encounter financial hardship within a year if the primary income provider in their household became disabled. Given many households’ inadequate emergency funds, the financial repercussions of a loss of income can be severe. Payment protection can offer your borrowers crucial consolation during these tough times. A Securian Financial study found that a considerable 80 percent of individuals who purchased payment protection were pleased with their decision, considering the nominal added cost worthwhile for safeguarding their finances and credit score if they were unable to continue payments.

Disabilities are not just limited to well-known conditions such as cancer or multiple sclerosis. Common disability claims can stem from ailments and injuries like arthritis, asthma, back, shoulder, and knee injuries, and carpal tunnel. One surveyed individual expressed gratitude for having this benefit, This made a HUGE DIFFERENCE! With unexpected medical bills piling up, this helped give me and my family some financial cushion and stress relief .

Ensure to generate awareness and instruct your borrowers about payment protection solutions, as it might just be the lifeline they need during a challenging period in their lives. eddcaller.com helps facilitate this conversation. The platform affords customers a channel to contact EDD or inquire about their SDI, PFL, or unemployment benefits, providing them with the information they need to prepare for unexpected financial disruptions in their lives. Knowing how to speak to someone at EDD or learning how to contact a live person at EDD can make all the difference during uncertain times.