Everything You Need to Know about Disability Insurance
October 22, 2009 Filed Under: Insurance
You’ll want to read this article if you’re considering getting [tag]disability insurance[/tag]. Specifically, I’ll offer some shocking facts about disability, and choices for disability insurance. Take everything into consideration to determine if disability insurance is something that can benefit you.The trauma of suffering a disability is bad enough. But if that disability stops you from working, how will you pay your bills? If this is the case, you should look into disability insurance.
Consider this — in 1999 there was an increase in over 400% from 25 years previous, regarding disabilities for persons between the age of 17 and 44. Also, there is a 12% chance you will become disabled for five years before reaching the age of retirement. These facts were compiled by the disability management source book.
Let’s look at the uses of disability insurance compared to other common insurances. [tag]Home-owners insurance[/tag] is actually only used by 2% of its policyholders. [tag]Car insurance[/tag] is only used by 2.5% of its policyholders. Long-term care insurance, on the other hand, is used by 40% of its policyholders.
This relates to disability insurance, because disabled people represent almost half of those who need long-term care services. Considering these facts, it makes sense to look into getting disability insurance.
Some employers offer different disability insurance plans. This is a possibility for getting your disability insurance.
Especially if you’re evaluating a new job, look in to what benefits they offer, in regards to disability insurance. If they do offer something, familiarize yourself with the coverage involved in their disability insurance plan.
Your second option is to collect disability from Social Security. This is ideal for people who have a disability that will prohibit them from working for at least 12 months. You can fill out a disability claim, and apply for it through the Social Security Administration’s office.
They will evaluate your case and approve or deny you based on the information you provide them. The strength of your documentation of your condition will increase your chances of approval.
The last option is to take out an individual policy for disability insurance. While it is definitely not cheap, consider the practicality of this insurance compared to some of the insurances we discussed above. Shop around to see what different bills are available, and make sure you have an idea of what is covered in the policy, before you purchase it.
In closing, use this information to decide if you need disability insurance. Then take the proper action today.
About the Author:
Steven Ross is a long-time Disability Lawyer fan and can help you with all your disability law questions. For Disability Lawyer advice hurry over to his new site at DisabilityLawyerReport.com
Related Reading:
[...] Everything You Need to Know about Disability Insurance Let?s look at the uses of disability insurance compared to other common insurances. Home-owners insurance is actually only used by 2% of its policyholders. Car insurance is only used by 2.5% of its policyholders. … [...]