Disability Insurance

Disability insurance is just as important as life insurance. In some cases, it’s more important.

Twelve percent of the adult population in the United States suffers from a disability. Out of that 12%, one in seven people will suffer from a disability for five years or longer before turning 65 years old. At just 35 years old, you’re looking at a 50% chance of experiencing a physical injury that results in a three-month or longer span of disability before you reach the age of 65 years old. Obviously, if you had a large chunk of change saved up in the bank, this wouldn’t be an issue. Unfortunately, most people do not have adequate savings. That’s where disability insurance saves the day.

Understanding the Basics of Disability Insurance Isn’t Very Complex
When you have disability insurance, you’ll have a fixed monthly benefit that will not increase with time. You’ll still have the option to purchase extra coverage. You’ll also need to determine which category of disability definition you fall under. “Own OCC” is the inability to complete the duties of your occupation due to your disability. “Any OCC” is the inability to carry out the duties and tasks of your job for which your previous training and education have made you qualified. There’s also a waiting period. This can range from one week to two years. The longer you wait, the less money you’ll have to spend on your policy. It’s also important to note that the benefit period, which is the amount of time you’ll receive money monthly once your policy has begun to pay. Benefit periods can range from six months to a lifetime. This depends on what you choose, along with what your insurance company is willing to offer you.

Learn What You Need to Know About Coverage Options
A Social Security offset rider promises that for people who qualify for disability payments via their insurance policy but do not qualify for Social Security that their disability policy will pay out to you what Social Security should have been paying. You can also find an additional purchase option. This option guarantees you the right to purchase additional disability insurance at any time in the future, no matter what state your health is in at that tie. Call us now to learn more about disability insurance or if you need an assessment.