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Disability Insurance Throughout a Lifetime, Part II

Posted on: Wednesday, May 20th, 2009

As adults we are called upon to face many responsibilities, not the least of which is caring for ourselves and our families both financially and otherwise. In the last post we talked about how we put provisions in place so that we can rest assured that we are well covered should we face unexpected circumstances – life insurance, health insurance, car insurance, savings – as well as expected events like retirement, and college tuition.

As we discussed, disability insurance is one of those insurance policies – much like life insurance – that tends to be an over and done consideration. It’s difficult to face our own mortality as well as the possibility of an illness or injury stripping our ability to work and earn a living. And so we quickly go through the process of choosing a policy that fits our needs and begin making premium payments. We push the existence of such policies from our mind, all the while safe in the knowledge that we will be protected if something should happen.

The problem with putting these policies completely to the wayside is that allows us to continue paying premiums on a policy that may no longer fit our life. With disability insurance it is important to reexamine our policies to make sure that what we have protecting us is indeed enough as the circumstances of our lives change – marriage, kids, divorce, upcoming retirement, and so forth.

To begin with, be sure to work with a reputable company when purchasing your disability insurance; an organization that has a solid standing in the industry and employs representatives that are communicative and responsive to their policyholders. This will make the ongoing process of checking on your disability insurance policy a smooth and virtually painless one, as your insurance representative will be able to guide you through the options open to you as your situation changes.

Just Married!! Getting Disability Insurance

Posted on: Wednesday, May 20th, 2009

So much of getting married these days is about…well, getting married. There is the wedding to plan – something that often takes years in and of itself as the many details associated with crafting an event for often hundreds of people are tackled thoughtfully. And quite often, with so many details to which to attend, the couple in question forgets that there will be an actual life beyond this grand event.

But after the vows are exchanged, the dance danced, and the cake cut, the newly married couple faces the start of their new life; something that is equally exciting and challenging. For one, there are the many “logistical” details that must be considered when it comes to legally sharing your life with someone; the purchasing of property, the merging of financial accounts, the consideration of health insurance that will cover both of you, as well as many other considerations.

Some of the other ways in which newly married couples protect themselves is through the procurement of life insurance and disability insurance. Of course life insurance is put in place to protect the financial interests of one spouse if the other is to suddenly pass away. And if children come into the picture at some point this life insurance policy will protect them as well.

Disability insurance, however, protects spouses from the possibility of their partner being unable to continue to earn a living because of an illness or injury. Those who are in such circumstances and can no longer earn their salary know the financial demands this places on a household that has been a dual-earner household up until this point.

Disability insurance is, without a doubt, something that couples must consider following their marriage. Like life insurance and health insurance, this is a sound way to put protective measures in place for what hopes to be a long and happy future together.