Disability Insurance | Is disability insurance so necessary?

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DISABILITY INSURANCE

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Is disability insurance so necessary?

Everybody is likely to think that they will never face disability and nobody thinks about how their life would change should disability strike. But according to the American Council of Life Insurers, all Americans aged 35 - 65 become disabled for more than 3 months. One in seven employees is disabled for more than five years. Many people think that disabilities mostly result from freak accidents, but in reality, most of long-term absences happen because of illnesses, such as heart disease or cancer. The loss of income is sometimes so destructive that some people even declare bankruptcy.

If you have disability insurance, it replaces a part of your income if you cannot work any more because of your disability. Your employer may offer you a typical group plan that will replace up to 60% of your monthly income. As for individual policies, they often cover up to 70% or 80%. There are no plans that will cover all your income as there is a risk that you will not want to get back to work. Benefits usually last for a definite number of years or until you retire. If your premium is out-of-pocket cost, benefits are free of tax.

Long term disability policies are very different. Some of them are inflexible and benefits are paid when you need them, others are very flexible. If you try to save some money with a cheap plan, you may find it ultimately useless. Usually cheaper plans are very strict and often make it almost impossible to claim benefits over many years.

Here is some information for you about group policies:

If you are employed, find out whether your employer provides long-term disability insurance. Many companies offer benefits for at least five years. If you have the possibility to obtain group coverage, have a good, hard look at what you will get, because the plan may not meet all your requirements. Remember that the usual group plan will cover up to 60% of your income. Moreover, a group plan will only insure your standard salary. In addition, most group policies will pay benefits only for a limited period of time if you can't do your job. After this period you'll have to prove you are not able to perform any job. The idea is that you can get new job training during the period when you receive benefits.

Is disability insurance so necessary?

Here is some information for you about group policies:

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