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How Does Disability Insurance Work?

What is disability insurance? Is it anything like Social Security, that check that comes through the mail whenever you get hurt? Uh sure, except that unlike Social Security you can get disability income as soon as you actually become injured. If you choose to wait on Social Security, then you may be waiting for months on end. Most people that are on Social Security have the time to wait around and the time to write and rewrite letters. Disability insurance is a smarter choice, because the policy goes into effect immediately after you become disabled. Now that you are injured and unable to work, you can start filing for Social Security. The advantage is, you donít have to suffer through long months without any income.

Disability insurance is a type of insurance that is payable while the person is well, and then pays upon disability. The disability can be practically anything that stops a person from working, to diabetes complications to a leg or arm injury to even a mental breakdown. In this uncertain world we live in, injuries can happen within seconds and with little to no warning. You canít plan for a disability. True, if you sense symptoms of diabetes developing, then it would be wise to get disability insurance as quickly as possible.

However, in the event that you are injured after taking a nasty fall from a ladder, then you really have no time to plan for it. Youíre out of work! You can hope that the company you work for comes to your aid and hope their workerís compensation contract is fair. The scenario is far worse if you are self-employed. Then you have no plan to fall back on, nor a company to help bail you out. Without disability insurance, what do you do when you suddenly become injured and are out of work for an indefinite period of time?

In these circumstances, you must either use some of that money you have stored in your savings account or do a George Costanza and move back in with your parents. Unpleasant scenario, you say, but one that is very possible. Statistics (specifically the American Council of Life Insurers) show that at least one third of all Americans between the ages 35 and 65 will become disabled for over 90 days at some point in their life. One in seven of these workers will become disabled for over five years.

Another sobering fact to consider is that most debilitating conditions are not caused by freak accidents at all, but happens because of illnesses or poor health conditions. Cancer, heart disease and diabetes are all diseases that can lead to a long-term disability. Is the worst-case scenario really that you have to pay disability insurance premiums you never use? No, the worst-case scenario is that you have to declare bankruptcy or foreclose on your home. The worst-case scenario is that you are left with nothing and have to depend on the kindness of others. Nobody wants this scenario; we all want to carry our own weight if possible.

This emphasizes the importance of disability insurance, even in instances where you canít realistically foresee becoming injured. Remember that if you wait until diseases become pronounced and very evident, no insurance company is going to want to cover you! Itís better to get a disability insurance plan while you are still young and healthy. You can find disability insurance quotes online from a variety of comparison companies. Remember that disability insurance not only protects you from financial harm but can also protect your family from poverty.

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