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Rest assured with Disability Insurance

Posted on: Thursday, September 24th, 2009

As an adult living in the twenty-first century, there is an enormous amount of pressure and responsibility in daily life. Pressures include keeping up with mortgage or rental payments, utilities, groceries, car payments, car insurances, health insurances, and miscellaneous expenses for the entire -family; not to mention carry-over debt from credit cards or student loans. No one is able to foresee the future. How would the bills be paid if you had an accident or became ill and were unable to work? In order to guarantee that you can maintain your household and continue to provide for your family, exploring various disability insurance options are a necessity.

When an individual is covered by disability insurance, they will receive an income when they are unable to work due to an accident or an illness. There are several options to be aware of when exploring disability insurance such as short-term and long-term policies. Short-term disability insurance provides payment for a maximum of two years, while long term disability insurance provides payment for a few years or for the entire length of your lifespan.

Disability insurance policies can be non-cancelable or guaranteed renewable. A non-cancelable policy dictates that the policy will not be canceled by the insurance company. The only time that the policy can be cancelled is due to non-payment. Policy holders may renew each year without fear of higher premiums or a change in benefit coverage.

Guaranteed renewable policies assure policy holders that their policy will not be cancelled and can be renewed on a yearly basis with the same benefits. The difference in this option is the fact that the company has the right to raise premiums. The amount of coverage, as well as the covered benefits of each policy, will vary depending on the specifics of each policy.

When all of the variables are considered, policies explored, and the right choices are made to secure a disability insurance policy that meets the specific needs of each individual, people can feel at ease that they have fully armed themselves with protection for their family. Disability insurance not only provides for the payment of bills during an extended work absence, it provides an overall security and reassurance for the entire family.

Disability Insurance No Matter What Your Situation

Posted on: Monday, September 21st, 2009

Let’s face it; if you’re someone who sits behind a desk every day as a part of your career you are probably less likely to get hurt on the job than say someone who drives a race car. But this doesn’t mean that accidents don’t happen and certainly does not preclude you from becoming ill. Disability insurance is that protective measure that is put into place for policyholders in a variety of life situations. You may think your age, your health, your career, and even your financial standing may lessen your chances for being eligible for disability insurance; but the fact of the matter is that most people are able to get at least some kind of disability insurance and most are in a much better position to do so than they think they are. Most importantly, the effort to get disability insurance is well worth the pay off – the protection put in place to protect yourself and your family if you are hurt or become ill and are unable to continue working in your present job.

It happens all the time – to the young, to the old, to the sick, to the healthy, and to people from all different walks of life, in all different financial situations, and in all different types of careers. An illness strikes and suddenly they are facing surgery, months of recuperation, and perhaps a very altered future; or an accident leaves them injured and unable to live the life they had been living – either for a certain period of time or permanently.

When such things occur the ramifications can impact all different areas of a person’s life – physical emotional, and even financial; especially when you consider how a family’s lifestyle would be affected if the breadwinner of the home was suddenly unable to earn. Disability insurance is put into place to protect a family in this situation and different types of disability insurance policies may help even those who think they won’t qualify get the protection that they need.

Long Term Disability for the Future

Posted on: Friday, September 18th, 2009

We have all had ingrained in us the importance of planning for our future. Even as young people just starting out in the work world we have it drilled into our head how crucial it is to start retirement savings right away; and most of us do just that in an effort to be financially responsible and plan well for what lies ahead. But, unfortunately, far too few of us give insurance policies the same consideration, even though they are just as important; specifically long term disability.

For most of us, it is a far more natural undertaking to go about getting life insurance. This is an insurance policy that we always knew we needed, and most of us go right to work making that happen when we get married or have children. But disability insurance receives far less attention in terms of the importance of insurance; even though it is just as crucial for protecting an individual and a family.

Individual: Consider for a moment that you are hurt or injured and unable to return to work. Perhaps you have savings and investments you can call upon; but most of us don’t. And even if we do, how long will they last? This puts a grown adult in the position of possibly having to move back in with family. Long term disability insurancecan protect your income and preserve your lifestyle in the face of unusual circumstances.

Couple: When two people are sharing the responsibility of contributing to a household income, their world can be shattered when one is unable to continue earning. This puts the financial pressure on the partner to make up for lost income, while perhaps simultaneously caring for their sick or injured loved one. With long term disability insurance, however, financial restraints are removed.

Family: This is the most crucial scenario of all as an entire family may be counting on the income of the person who is suddenly unable to earn. With long term disability insurance in place we are able to provide for our families no matter what our present circumstances.

Working To Find Disability Insurance Plans that Work

Posted on: Wednesday, September 16th, 2009

Lately I have been trying to get a lot of my finances in order. Now that I am recently divorced – and the mother of three young children, ages twelve and under – I have had to look at things from a new perspective. After all, I don’t have another earner bringing home a paycheck anymore (and while I do receive child support, things have still changed considerably). Additionally, I am giving thought to things that I didn’t really consider too much previously. For instance, prior to the divorce I was a stay-at-home mother; my ex-husband, who was obviously bringing home the money on which we lived, had a life insurance policy and a disability insurance policy in order to protect us should something have happened to him. These were not things that I thought that I needed for myself since I was at home and not working.

Now that I am back to working full time, I have recently purchased myself a life insurance policy and even a disability insurance policy. After all, what would happen to me now if I suddenly became sick or injured and was unable to return to work? Certainly I know that my kids would be okay because their father is still very much in their life and is a devoted dad, but I know that I have to depend on myself to take care of ME – something that is very new for me indeed.

In learning how to protect myself and take care of myself I have had to do a lot of learning in a very short period of time. Luckily, when it came to seeking out disability insurance plans that were appropriate for my current life circumstances, I was led through the process by a professional company that answered all my questions and was really helpful through my decision making process. Now I know that withdisability insurance and life insurance in place, myself –and my family – are protected.

Long Term Disability Insurance Following an Accident

Posted on: Monday, September 14th, 2009

Accidents happen every day; and while we certainly cannot live our lives wondering what is around every corner, we can most certainly plan to the best of our ability for any possible circumstances. After all, if we do not put provisions in place that will protect us and our family in the event of an accident or illness, most of us would quickly lose everything we have worked so hard for over the years including our savings, our investments, and even our home.

Consider the possibility of being involved in an accident as so many are on a yearly basis. What would your family do if you were suddenly not only unable to return to work but needed ongoing medical care and rehabilitation? Thousands of families find themselves in exactly this situation; and having not prepared themselves with disability insurance, they are left to empty many of the financial accounts that were created to take care of them in the future.

Accidents can have devastating physical and emotional repercussions; but they can also have equally devastating financial effects. Those who have saved their whole lives in order to have a peaceful and stress free retirement are suddenly called upon to scrape together cash when there is simply nothing left. Disability insurancepolicies are put in place to stop this possibility from occurring and give families the peace of mind that they are protected no matter what the circumstances.

A disability income insurance policy is meant to replace income when a person is declared disabled and unable to return to work. Whereas others who are unprotected will have to find alternative means of income support, those with  long term disability insurance plans in place are able to concentrate on their recovery and not have to worry about financial matters. It is peace of mind that is certainly worth the price of premiums.

Don’t Wait Until You Need Disability Insurance to Get Disability Insurance

Posted on: Wednesday, September 9th, 2009

Ever hear of the phrase, “coulda, shoulda, woulda?” This of course refers to the principle of hindsight being 20/20. Most of us, knowing what we know now, would certainly go back in time and amend a few of the decisions that we have made accordingly. But, of course, that’s not possible and, in most cases, we are stuck with the outcome of our choice. In some instances, we had all the information at our disposal to make the responsible choice but we choose at the time to ignore that information – sometimes costing us far more than we could have ever imagined.

This is often the case for those who choose, for a myriad of reasons, not to purchasedisability insurance. We surely never expect to get sick or to get injured in an accident; and even if we do, most of us would never imagine that such an illness or injury would preclude us from going back to work and earning a paycheck. But it happens every day. And those people who find themselves in the position of having no income and limited (if any) savings and investments, the prospects are terrifying. These are the times, of course, when they are wishing with everything they have that they had opted to purchase disability income insurance.

Disability insurance is something that you should not wait to consider because by then it could easily be too late. Instead, disability insurance plans – such as short term disability and long term disability insurance – should be considered as a preventative measure. We don’t use health insurance every day but that doesn’t mean we don’t need or won’t need it in the future. The same can be said of disability insurance. Just as medical bills would quickly sink us without health insurance, making up for lost income can easily destroy us financially without disability insurance in place. Make the decision to get prepared today!

Long Term Disability: Get It and Forget It

Posted on: Tuesday, September 8th, 2009

There are some things that we just have to do – like it or not – in this lifetime in order to best protect ourselves and our family. Sometimes you just need to bite the bullet and get it done; you can then move on knowing that you won’t have to do it again anytime soon and you are protected. Many people feel this way about life insurance or about doing their will. Surely no one likes to think about their mortality or what would happen to their kids if they died but the fact remains that these are things that responsible people need to do, no matter how uncomfortable the process.

This is also very much the case with long term disability. No one wants to consider the possibility of getting so ill they cannot return to work, or being involved in an accident so severe that their life is altered. But the fact remains, as is the case with life insurance and the rest, that these possibilities must be considered if you are to protect yourself and your family.

The good news is that with a good long term disability policy the process can be completed quickly; completing the application process and choosing from among the available disability insurance plans takes very little time and can be eased by working with a knowledgeable professional who can lead you in the right direction for your circumstances and your budget.

Once you have chosen a disability insurance policy you can essentially “forget” that you have it until such time that you have to renew (if you have chosen that type of policy). But you can carry on knowing that you have done the responsible thing in protecting your family in the unlikely event of an illness or injury that hinders your earning potential.

Fill the Gap with Disability Income Insurance

Posted on: Friday, September 4th, 2009

There are many people who are lucky enough to have really great benefits from their job. This may include comprehensive health insurance, a retirement savings plan, and even life and disability insurance. These are important components in a benefits package and can make up for even a slightly lower than average salary. In terms of all of these benefits, however, it is very important for an employee to really look at the extent of the benefits and decide if they need to supplement them in any way. For instance, an employer may offer a life insurance policy that only goes up to a maximum amount; therefore, the employee – perhaps with dependent children – may decide that they need to purchase private life insurance in order to supplement the insurance provided by their company.

With disability income insurance, the same premise can apply. The disability insurance policy provided by the company where you are employed may only cover you for a specific period of time, or may come with a waiting period – that is the time that you must wait before you receive disability benefits. With regard to these stipulations and more it may be wise to purchase private disability income insurancein order to make sure that all your needs are covered.

For instance, you may purchase a private long term disability insurance policy to cover you until the age of traditional retirement – this in addition to company disability insurance plans that may only cover you for a certain period of time. Or, if the amount of time that you have to wait to receive your policy payouts concerns you, it may be necessary to purchase private disability insurance in order to cover this gap. After all, most people do not have savings or investments that are readily available to cover them for this amount of time. A private disability insurance policy ensures that all of your bases are covered.

How a Disability Insurance Plan Saved My Family, Part II

Posted on: Wednesday, September 2nd, 2009

In the last post I talked about how I started my career with little money and only a desire to stretch my paycheck as far as it would go. Like most young people in this position, I was largely unconcerned with those things I considered to be “down the road” financial decisions – retirement, disability, increased life insurance, etc. It wasn’t until my frank sit-down with a financial planner that I discovered just how vulnerable I was without having these important things put in place. And so, following our meeting I set about to make more responsible financial decisions including contributing to my company’s 401k plan, choosing the best health insurance plan available to me, increasing my life insurance, and choosing disability insurance.

In terms of disability insurance, I opted to take part in one of my company’s disability insurance plans; but I also purchased private disability insurance in order to make sure that any gaps were covered. It turns out that this decision saved my family significant financial stress.

About four years after I got disability insurance – I was now married with two small children – I was in a car accident that left me severely injured. I was in the hospital for six weeks and faced many more months of intensive rehabilitation. Work was out of the question and I quickly enacted my disability insurance policy through my job. But it turns out the wait time for policy payments was several months and without that money my family would be behind in everything from the mortgage to the utilities. My husband, who was taking significant time off from work himself, was barely able to cover the bills.

But our private disability insurance policy had a much shorter wait time and we wound up starting to receive payments within a few weeks. This covered the time that I had to wait for my company’s disability insurance to kick in.

Today I am back to work and feeling much stronger. But I know that without that disability insurance policy my family would have had double the stress – caring for me and dealing with the repercussions of our financial situation. Thankfully, because I made a good decision, that was not our story.