Planning for Disability
Posted by InstaKey on 03/27/09 in Business
Planning for a disability isn’t something that many people enjoy doing or even think about before it unexpectedly occurs. Having a good long term disability insurance plan is vital to the welfare of your family and your future. It is advantageous to know exactly what type of disability insurance that you have currently and update it, if necessary. Most employers offer a group disability insurance plan; however, they sometimes have limitations that may not be included in a personal disability policy.
There is much financial insecurity that has stemmed from a seemingly failing economy and that makes it even more important to make sure that you have enough disability insurance coverage in order to remain in charge of your future if an accident would happen. According to a recent paper that was distributed by the Council for Disability Awareness it is estimated that about 90% of the workers today fail to prepare and plan for a possible disability because they simply do not feel it is necessary or that their employer or social security will take care of them if they become disabled. The sad fact is, however, that the best way to protect your assets is to meet with one or two disability insurance companies to discuss your options and get a disability insurance quote.
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Bree Shoute | Apr 3, 2009 | Reply
This article gets to the heart of this issue right away: it isn’t really about you, it’s about your family. Disability can financially hurt the entire family, whether it is the breadwinner or the homemaker who is disabled. Even if income is not lost, the cost of care is so high that it will suck up all resources unless insurance is in place.
Demi Jane | Apr 3, 2009 | Reply
I remember a long time ago my uncle became disabled due to an accident in his 40s, and through a combination of workers comp, social security, and other federal benefits he was able to stay afloat. However today we can’t count on that type of government safety net – we need to provide our own.
Evey Swan | Apr 3, 2009 | Reply
The key to dealing with all of this is just to do your homework. Read through your employer’s disability policy, talk to several insurance companies – but do it with your eyes wide open. These companies are businesses, they are out to make a profit, not just help you out.
Victoria Arajuo | Apr 3, 2009 | Reply
Whether you decide to go with specific disability insurance or not, I think the lesson here is always be prepared. You never know what might happen tomorrow, so save your pennies, have a plan mapped out with your support network for various contingencies, and keep your lifestyle expenses reasonable.
Shelley Louis | Apr 3, 2009 | Reply
The sad thing is that accidents can happen, whether you’re prepared or not. I would rather have insurance than not, but in this economy I wonder if it is a good financial move to add one more bill to my already long list.