Disability Insurance – Why You Need It

We at PaydayLoansCashAdvance feel it is very important to give all of our clients and potential clients the most sound financial and lifestyle advice possible. To that end, we have gathered some essential information on why insurance is so important, and why disability insurance in particular is a necessary component of your personal insurance policies.

If You Have Disability Already

Even if you are already provided with disability insurance through your employer, it may simply not be enough. Yes, that coverage from your place of work may help out with some bills and the essentials should you have to take time off work due to an injury or illness, but in many cases it does only that: It helps out. The disability insurance provided by most employers is only really designed as a supplemental type of coverage. It is definitely a worthwhile investment to keep your disability coverage at work, but you need to find out precisely how much coverage you actually have by contacting your employer’s benefits department.

In most cases, the disability policy from an employer will only return an amount equal to 60 percent of your total salary when you are on disability. There is also typically a monthly cap in place: $5000 or $10,000 weekly are typical caps, and the caps are usually in place regardless of whether 60 percent of the amount you earn would be far greater than that amount. You may also need to keep in mind that the 60 percent figure only includes your base salary. If you are in a commissioned position, or in a tipped position, you won’t be compensated based on 60 percent of that figure, but rather on 60 percent of the amount the employer pays you in salary only.

Ultimately this means that your work disability insurance is probably far from adequate on its own. You will normally need to make the investment in another supplemental disability insurance policy so that you can make certain you are able to survive financially if you were to become disabled, even just temporarily.

Choosing Supplemental Disability Insurance

It is also far from certain that if you become disabled that you will receive Social Security Disability benefits right away. Many people who are disabled have to get started multiple times before they actually receive their Social Security Administration disability benefits, and in some cases it is even necessary to hire an attorney for help with securing these benefits. During the time you are waiting to receive any SSA benefits you may have applied for you will need some reliable income to pay the bills and cover your living expenses — this is where your disability policy will come in.

Investing in a disability policy is very wise, regardless of your age. Some people feel that because they are still young that there is very little chance of a serious accident or injury occurring, and they choose to forgo the purchase of a disability policy to save money. Although you may save a little bit of money in the short term by skipping a disability policy purchase, it can be an extremely costly long term error. According to the Social Security Administration, about 36 percent of the people who are currently receiving Social Security benefits are not retired people but are people of all ages who became disabled. People who are only in their 20s, 30s, and 40s can easily become seriously disabled at any time because accidents and injuries do happen — the important thing is that you are properly and adequately prepared for such a circumstance.

Guaranteeing a Future for Your Family

Ultimately, investing in an insurance policy that includes disability benefits is important because you need to give yourself and your loved ones a way to survive a tragic accident. By their very nature, you can’t plan for such circumstances. However with the purchase of a policy that gives you enough income to live if you can’t work, you have done the best thing to prepare, just in case.

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