Everything You Need to Know about Disability Insurance
November 13th, 2007 Subscribe To Our Feed
If you are looking for information about disability insurance, then this article is for you. We will discuss some shocking facts you should know about disability insurance, and some options about getting it. This information can be used to decide if disability insurance is right for you.
Suffering a disability as traumatic enough. But when the disability stops you from being able to work, you also become stressed-out because you’re not sure how you’ll pay the bills. Maybe it’s time to think about getting disability insurance.
Disabilities have went up over 400% in the last 25 years, between persons 17 to 44 years old. In fact, your chances of becoming disabled for five years before you reach retirement are over 10%. You can read about these facts and other facts in the disability management sourcebook.
Let’s look at the uses of disability insurance compared to other common insurances. Homeowners insurance is actually only used by 2% of its policyholders. Car insurance is only used by 2.5% of its policyholders. Long-term care insurance, on the other hand, is used by 40% of its policyholders.
Finally, disabled people represent almost half of those in America who need long-term care services. With all these facts, it makes sense that you should at least consider the possibility of disability insurance.
Short-term and long-term disability insurance plans are offered by some employers. This is a possible way to get your coverage.
If you are thinking about changing jobs, or getting a new one, look into disability insurance benefits. If an employer offers them, familiarize yourself with the coverage involved.
Collecting disability checks from the Social Security administration is your second option. This requires that your disability stop you from working for at least 12 months. You can apply for this by filling out a claim, and sending it in to the Social Security Administration.
You’ll either be approved or denied, based on the information provided in your claim. Your chances of approval the pen on if you have the proper documentation, and support of your doctor, regarding your disability.
The final choice is to take out an individual policy. It’s not the cheapest way to go, but consider the practicality of this insurance compared to some of the other insurances. Look around and see what different options are available, and what those policies cover.
In closing, use this information to decide if you need disability insurance. Then take the proper action today.
About the Author:
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 Click here for other unique ‘Disability Insurance’ articles.
