What You Need To Know When Buying Disability Insurance

What You Need To Know When Buying

 Disability Insurance

 

 

Health/ Health Reference

Long Term Disability is usually a subject nobody wants to address except insurance agents. 

If you think you do not have enough money to pay for a long term disability policy then think about how your life would be without your most important asset, your income.

For most people their income is their most important financial asset. It is a financial asset that needs to be protected.

Here is what you need to know when buying disability insurance:

Facts About Long Term Disability Insurance

The United States Social Security Administration reports that over 1 in 4 of today’s 20 year-olds will become disabled before reaching age 67.

Sadly, 67% of the United States private sector workforce has no long- term disability insurance.

Often people will forgo purchasing a disability insurance policy because they think that Social Security Disability Income will provide for them.

Realistically, Social Security Disability will not fill in large financial gaps and it is much more difficult to qualify for S.S.D.I. than a private disability policy.

You do not want to take the gamble that you will not need Disability Insurance.

To find out how much Disability Insurance you may need the Council For Disability Awareness offers a Personal Disability Quotient to calculate your financial needs.

Here is the link to the Disability Awareness PDQ Calculator.

A good guide of how much Disability Insurance is to purchase a policy that covers 60% of your gross income.

Usually a Long Term Disability Insurance Policy begins to make you monthly payments three to six months after you are disabled. Most disability policies continue until the age of 65, your health improves to prior condition or you pass.

If you need to find a Disability Insurance Agent then Disability Insurance Services may be a good place to start.

Here is the link for Disability Insurance Services.

Receiving advise, information from a reputable insurance agent is terrific but you should also do your own research.

Once you decide how much Disability Insurance there are additional factors to know:

Your Insurer Should Have A Strong Rating

You should only consider insurance companies that have a rating of A++. You want to be sure the holder of your policy has financial strength.

Research The Type Of Disability Insurance Policy

There are different types of disability insurance policies.

You need to be aware if your disability insurance policy has:

  • Work limitation
  • Days before payout
  • If you need to apply for S.S.D.I. once your policy is active

Compare Long-Term Disability Insurance Policies

Whenever you are purchasing a sufficient item it is important that you receive quotes.

Compare the different long term disability insurance policies to find the best policy for your needs.

Find A Second Pair Of Eyes

Before you sign a long disability insurance policy you should have a third party insurance expert review the policy.

Everyone, thinks disability, long term illness will not happen to them. However, the odds of becoming disability for over 90 days are not in your favor.

It is not wise to gamble with your financial future. 

I hope you have found What You Need To Know When Buying Disability Insurance health reference useful.

You may also find this disability information helpful:

You can find additional health shortcuts to living with a chronic illness at HypoGal Website.

Please, Like, HypoGal on Facebook. 

If you submit your email at the bottom of this page then you can receive HypoGal’s updates. It’s FREE! 🙂

 

Health References/ Health Resources:

http://www.whatsmypdq.org/

https://www.ssa.gov/news/press/factsheets/basicfact-alt.pdf

http://www.clark.com/new-advice-buying-disability-insurance

Share HypoGal: