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Disability Insurance Throughout a Lifetime, Part I

Posted on: Monday, April 27th, 2009

To paraphrase Benjamin Franklin, the only thing we have to do in life is die and pay taxes. But this, of course, is a sweeping statement for freedom of choice; the reality is there are many things that we have to do so that we may live as long, comfortable, and healthy a life as possible. Surely most of us would not go to work every day if we didn’t have to; if we didn’t have those pesky bills to pay and that annoying food to buy. But we do what we need to do and make as many choices as we can that make us happy along the way. Adjustments must be made, to be sure, as we advance in life – health insurance is changed to accommodate our changing medical needs as a single, as a family, as an older person nearing retirement; as change is also addressed in the other financial considerations we make throughout our lifetime including life insurance, retirement funds, other investments, and disability insurance.

Much like life insurance, disability insurance is often one of those purchase and forget about it things; we know we need it and we do what we need to do to find the best policy for our particular life circumstances, after which we tend to forget we even have disability insurance in place. This isn’t a bad thing necessarily. After all,disability insurance is put into place as a protective measure in our lives; the money is there should we face a short term or long term disability wherein we are not capable of maintaining our current level of income. Like the money that we put aside for a rainy day, a short term or long term disability policy is meant to be attended to and then mentally forgotten; a provision should we need it. But this does not mean that disability income insurance should not be examined from time to time, especially as our life circumstances and our needs change; something we will look closer at in the next post.

Long Term Disability from Career to Career

Posted on: Thursday, April 16th, 2009

There are very few of us who will stay in the same job for the entirety of our careers. This is a very different world of business than what once was; it used to be that people committed their working lives to one company where they started and from which they retired. Today, with many more options on the table and even the availability of working from home in this technologically sophisticated world of commerce, people will often work with many different companies throughout their career as they explore many different experiences.

Luckily we are able to go from company to company, position to position, without sacrificing those financial elements that we have put in place. For instance, if we began a 401k retirement savings plan with one company we have the ability to roll over this savings plan to the next company with which we work. In fact, we should be sure that none of what we have taken such pains to put in place is sacrificed in any way when we move to another company.

Long term disability insurance, for instance, should be something that is always in place regardless of the career in which we are working or the company for which we are working. Disability insurance protects us and our family if we are unable to continue to earn a living because of an illness or an injury. This is protection that should never – under any circumstances – be sacrificed regardless of the moves that you make in your life.

While different companies may offer different internal short and long term disability insurance policies from which to choose, there is often also the need to maintain private disability income insurance in order to fully protect a family. So when switching jobs be sure to keep an eye on your disability insurance!

Disability Income Insurance When Illness Strikes

Posted on: Monday, April 6th, 2009

Disability insurance is something that most people attribute to an injury; if we are hurt in an accident and are unable to continue working and earning a wage, the disability insurance policy to which we have been paying a premium goes into effect. Essentially, disability income insurance is meant to cover our wages if we are unable to earn them on our own – having been declared disabled by a doctor. (more…)

Disabiltiy Insurace – Peace of Mind

Posted on: Monday, April 6th, 2009

Purchasing individual disability insurance through 4 Disability Insurance Quotes will provide disability insurance throughout all of your life’s career moves. (more…)

Disability Insurance: Longer Waiting Periods, Lower Premiums

Posted on: Wednesday, April 1st, 2009

Disability income insurance is a topic that many people are discovering as they make plans for the protection of their families. While life insurance is crucial – especially when there are small children in the home – consumers have also come to find out how equally important disability insurance can be to the survival of a family should an income earner become ill or injured and not be able to return to work. And when you consider the statistics – a staggering one in seven people will become disabled before they reach the age of 65 – it becomes clear just how important disability insurance is to a family’s survival.

There are many things to consider when it comes to purchasing disability insurance; and policyholders work closely with insurance specialists to determine how much insurance is enough – balanced with how much they can afford in premiums. A disability insurance policy must work on all levels for a policyholder; being over insured – carrying more insurance than they are able to pay for – is just as dangerous as being under insured – when there are huge gaps in the disability income insurance policy that can leave families exceedingly vulnerable.

Of course the ultimate goal of any prospective policyholder is to balance their insurance needs with what they can afford. And one of the ways that premium costs can be lowered is through the choice of longer waiting periods. The waiting period in a disability insurance policy refers to the time that policyholders must wait between the time they are declared disabled and unable to work and the time that they begin to receive their policy payouts. The longer the waiting period, the lower the premiums that the policyholder will have to pay on a monthly basis. Those policyholders that do choose longer waiting periods must ensure, however, that they have put enough of their own money away – or have alternative resources – to cover their living expenses during this gap in time.