Nobody ever wants to think that they are eventually going to experience a disability that is major enough to prevent them from working, and yet many people choose to purchase life insurance that is designed to protect their families when they die.
While preparing with life insurance is definitely a solid option, having a level of disability insurance protection is definitely a solid idea that will prove to be significantly more important to you.
Studies are showing that as many as one third of all Americans between the age of 35 and 65 are likely to eventually become disabled, and people from all age groups are much more likely to become disabled than deceased.
Many people believe that having worker’s compensation coverage is going to take care of a disabled status, or that Social Security will be able to cover any care that is needed when dealing with an unforeseen accident. The truth is, however, that worker’s compensation is only going to take care of the costs if the impairment comes from job related sources.
If you become disabled in a serious auto accident or as a result of a debilitating disease, worker’s compensation will not protect you.
While Social Security may be able to cover people that are considered to be severely disabled, your ability to meet these criteria could actually be challenging as well as time consuming.
Additionally, many people find that upon having qualified for Social Security payout benefits, the amount of money that they receive is not actually enough money to allow for them to meet their medical and living expenses.
While it is easy to act as an optimist when you are feeling healthy or strong, statistics are showing that the healthiest possible thing that you can do in preparation of a disabled status is to purchase disability insurance for yourself.
Before you purchase long term coverage, you should sit down and really take the time to explore and investigate the different options and opportunities that are available to you. When you know what is available to you, you will have an easier chance of selecting the plan that is going support you and your family in the best possible way.
The first place for you to look for this type of insurance is the current place where you are working. They may offer you a type of long term coverage that will use a fraction of your pay to deal with an extended period of time where you are disabled.
You should also make sure to check pricing elsewhere to find out what types of long term insurance options are provided for this purpose. You are also going to want to find out if social security payments are currently being factored into the insurance plan that is being offered to you. If this is so, then your long term care is going to pay you less if you happen to be receiving social security. Make sure that you weigh your options when it comes to this type of insurance coverage as it can really come in handy.
Source by Joseph Palladino