Your most valuable asset is not your car, house, or savings account. It’s your life and your ability to make an income and support you and your family. YOU are your most valuable asset!
But what happens if you are suddenly injured or become ill and are out of work? What happens if your medical insurance doesn’t cover all of your expenses? What can you do to stay financially stable? This often happens to veterans, which is why law firms such as Stone Rose Law help those needing disability benefits.
Disability insurance is something that experts recommend for anyone who works and relies on their paycheck. But what exactly is disability insurance, and how do you get it? Let’s take a look.
Why You Need Disability Insurance
Most people think that the chance of missing out on work because of an injury or illness is slim. In reality, however, none of us can predict when an accident may befall us or we become ill. According to the Social Security Administration (SSA), one in four employed 20-year-olds will experience a disability lasting at least 90 days before they reach age 67. Those odds don’t seem so slim, do they?
Now consider that the reasons for most disability claims are not catastrophic accidents, but rather are injuries and illnesses that happen every single day. Claims most commonly stem from back injuries, heart attacks, cancer, or diabetes.
If you don’t have disability insurance, then you will be forced to use up whatever paid time off you may have, and then eat the remainder of the financial costs on your own. But, if you do have disability insurance, you can replace a portion of your income over a designated period of time. Should you need help making a claim, services similar to TPD Insurance claims with Curo will provide you with excellent support in getting your claim processed satisfactorily.
Types of Disability Insurance
There are short- and long-term disability insurance options for most consumers. These options include:
Short-Term
♦ Replaces 60-70% of base salary
♦ Pays out for a few months, up to one year
♦ There may be a waiting period between filing a claim and getting benefits
Long-Term
♦ Replaces 40-60% of base salary
♦ Your benefits continue for as long as you are disabled. If your disability is permanent, your payments will end after a certain number of years, or you reach retirement age.
♦ Often has a 90-day waiting period before you receive your first payment.
How Do You Get Disability Insurance?
There are several ways that you can obtain disability insurance. Some of the most common ways to get coverage are:
Employer: Many employers offer employer-sponsored disability coverage. Most employers will also help cover the cost of the premiums. Only five states currently require short-term disability benefits to workers: California, New Jersey, New York, Rhode Island, and Hawaii.
Workplace: Some employers offer disability insurance as part of their benefits packages and options. You may find that your employer offers it, but does not cover the cost of premiums – that will be on you.
Professional Association: If you are a member of a professional association, you may have the option of buying disability insurance through them. Many associations offer group rates for coverage, which can save you money.
Individual Plan: You can purchase disability insurance through an independent insurance agent or broker. There are several disability insurance companies that offer individual plans, such as MassMutual, Guardian, and Principal. These plans are generally long-term, but some companies do offer short-term plans.
If you are self-employed or don’t have enough disability coverage through your employer, you may also have the option of building your own policy. If you’re located in Texas, contact our Lubbock insurance agency to find out your options for building a disability policy that works for your needs.
Shift Frequency © 2020 – Why You Need Disability Insurance,
and How to Get It