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What You Should Consider About Being Disabled
A large number of people will become disabled during their working years than will die. What would happen in your family if you lose your income? How long could you go before you’d lose your way of life, your house, or your savings?
How Is Disability Insurance Defined?
This is an important question to have answered when you are considering policies. It used to be that many disability policies available to large organizations covered time off for elective surgery. However, insurance companies quickly got wise to the expense of that so now such policies are rare.
Social Security has one of the toughest standards of disability because it defines disability as the inability to perform any job in the work force. Anyone who does qualify for Social Security disability is limited on what other income they can earn, and monthly payments will not support someone in a much of a lifestyle. Recipients’ situations are reviewed frequently. Some people stay in this program for the health insurance coverage for themselves and their dependents.
Other insurance programs define disability as the inability to perform any part of the job of your occupation. However, most policies define strict coverage for a short period of time and broader for the entire length of the benefit period
What Should You Look for in a Disability Insurance Policy?
1. The length of the benefit period. Will it continue after age 65?
2. What is the length of the waiting period before the payments begin. Premiums are lower the longer you are can or are willing to wait.
3. The cost for the coverage versus the risk of going without it.
Disability insurance is like any insurance: You hope you don’t need it, but it gives you a certain feeling of ease knowing that you have it.
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