Disability Insurance
It is hard to imagine what would happen to us and our families if we were to become so ill or injured that we could not earn an income. Unless you belong to the one-in-five American working households that have already had that awful experience, it is hard to believe that it will happen to you.
We don’t think about the bills that pile up, the stress that we would experience, and the additional expenses associated with a prolonged disability. However, disability insurance is a product we all should own.
Social Security and Workers Compensation laws do exist to cover the most basic needs of disabled workers. However, from the bureaucracy associated with these organizations and the benefit caps these programs limit you to, most of us would suffer a significant drop in living standards if required to depend on just those benefits.
Disability insurance is a product purchased from insurance companies designed to replace your income if you were unable to work due to an injury or illness. It is designed to replace a percentage, usually 60% to 67%, of your current income. Most policies have a specific period of time you must be out of work in order for your benefits to begin.
Disability insurance has many more features and options than life insurance. Also, the claims process is stressful during a stressful time. Unlike life insurance where submitting a claim is as simple as faxing a death certificate somewhere, oftentimes you must prove you are disabled or the insurance company won’t be able to pay a claim.
Owning this type of insurance is very important. Therefore, choosing the right insurance company to buy this is insurance from is critical, more so than with any other type of insurance with the exception of perhaps Long Term Care Insurance. Allow us to help you navigate the market for this type of insurance to assure you will be dealt with in the fairest possible way during your disability.
For more details on disability insurance for yourself or someone in your family, don’t hesitate to contact us.
