Disability Insurance
Disability insurance is a specialized form of health insurance. Disability insurance protects you in the case of loss of income. If you lose your ability to work, either from temporary or permanent disability, a disability claim can be made.
While most people consider disability insurance a 'luxury' the fact of the matter is what would you do if you couldn't work for the rest of your life? How would you cope financially? Everyday we read of accidents or other mishaps which leave a person paralyzed or worse. Disability insurance is the insurance that would guarantee you an income in the case that you could not work.
Are you thinking that social security would cover you?
Think again. The benefits are notoriously limited. And the majority of social security disability claims each year are turned down. Think disability insurance.
What about Workers Compensation?
Workers Compensation only kicks in if you are hurt on the job. Your chances of being hurt when you are playing weekend sports are higher than your chance of being hurt on the job. Think disability insurance.
You may get some money if you are hurt in a car accident, because of personal liability insurance. However, there are no guarantees and you could be waiting years for a lawsuit to be settled.
Let's think a less disastrous situation. Even if you aren't worried about a catastrophic accident or illness, what if you broke your leg in three places skiing and couldn't work because you were in traction? What if you tore a ligament, while playing on that weekend co-ed baseball team, and had to have surgery. You'd be out of commission for awhile. Disability insurance can also replace lost income on a temporary basis, while you heal from the hazards of being a "weekend warrior".
Even if you have medical coverage a long illness without earnings can be financially devastating. Statistics vary, but you have anywhere from a 1 in 5 to a 1 in 3 chance of having either an illness or accident which prevent you from working for 90 days or more; between the ages of 40 and 65. Your chance of dying in the same period is about 1 in 7. Some statistics claim that the average long term loss of your ability to work is 5 years. That's a long time.
This is why, if you are the sole breadwinner in your family, you should be considering disability insurance. If you get laid up or seriously injured your family's ability to cope financially would be jeopardized.
You have two types of disability insurance protection: Short Term Disability Insurance (STD) and Long Term Disability Insurance (LTD).
Also read the other disability insurance guide pages: How Much Will Disability Insurance Cost, How Can I Reduce the Cost of Disability Insurance, What's in a Disability Insurance Policy, How Much Disability Insurance Benefit Do I Get, How Long is the Disability Benefit period, Disability Insurance Questions and Can I expect disability insurance from my employer for informative unbiased information. Or click the links above to start your research.
Disability Insurance
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