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Long Term Disability Insurance When Just Entering the Workforce

Posted on: Wednesday, October 28th, 2009

When we leave school and embark upon our first real position in our careers, we find ourselves in an enormously exciting time in our lives. For one thing, all the hard work we put forth in our schooling is now coming back to us in terms of being able to start our careers in a great position with a good company; and for most of us, this marks the first time in our lives when will be earning a steady paycheck.

But this time in our lives is also fraught with decision making – some decisions that we had never before considered. Now that we are out by ourselves in the real world it may be fitting to consider the purchase of life insurance – especially if we are newly married. This of course protects our spouse – or other family members – in the event of our death and gives them the financial resources to settle our debt and meet other financial responsibilities. In addition, now may be the time that we are also considering other types of insurance including auto insurance (something that mom and dad may have footed the bill for up until this point) and renter’s or homeowner’s insurance.

But another, equally important, insurance consideration is that of disability insurance. While dealing with a disability is something that we give little thought to when we are young and healthy, the reality is that disability does affect even the young and able bodied. And if it does, we could easily be in a situation where we are once again financially dependent on our parents and perhaps even unable to live on our own.

We certainly don’t want to focus on such possibilities, but we do need a plan. Long term disability insurance will protect our interests should we face an illness or injury and find ourselves without our paycheck. In such a situation, disability insurance will give us the financial wherewithal to make it on our own.

Disability Insurance After a Car Accident, Part 2

Posted on: Wednesday, October 28th, 2009

In the last post we started talking about the importance of having disability insurance as protection and peace of mind so that a car accident will not financially devastate your life.

Consider Lynn, a single mother of three who was the sole breadwinner in her household. Not only was Lynn working a full time job but she was paying for child care in order to be able to work the hours she needed to work. Like most American families every paycheck was stretched to its limits in an effort to keep up with the bills associated with everyday life. There were no extras and Lynn and her family walked a very fine line of barely making it; something that is all too common these days.

On an average day, with no hint of bad weather or anything out of the ordinary, Lynn was struck by an out-of-control driver and her car flipped while she was going 50 mph on her way to work. Her car was totaled but even worse was the fact that Lynn sustained life-threatening injuries in this accident and received treatment in the hospital – including rehabilitation – for nearly two months.

Following her return home, however, life was very different, as she was unable to walk on her own and had to be assisted in basic functions. Lynn was not only unable to return to work in the short term but she needed help to meet the needs of her family on a day to day basis. If she did not have the disability insurance policy she had purchased just a few short months before her accident her family would have been financially unable to recover from this event.

But because of the disability income insurance that she had Lynn was able to continue meeting her financial obligations so that she could concentrate on her recovery.

Business Owners & Disability Insurance

Posted on: Monday, October 26th, 2009

Those who own their own business are in the unique position of having to provide for themselves in a way that an employer would normally provide for an employee. This can be a tough transition to make – especially for someone who has become accustomed to working for larger corporations in which all benefits were provided along with a competitive salary. Being a business owner means taking care of your employees and providing those same benefits as a part of their compensation package; but it also means making sure that you and your family are covered in all scenarios. This is especially true for those smaller businesses, or perhaps an at-home business that is essentially a one-man show. Under such circumstances it can be difficult for a business owner to remember to take care of themselves as they are often more concerned with putting money back into the business.

Disability insurance is one area that can be overlooked in terms of seeking out coverage; but it is among one of the most important benefits that business owners should remember to provide for themselves – right up there with life insurance and health insurance. Disability insurance plans are put in place so that those who become ill or injured and are not able to continue working are provided with a “salary” of sorts. The amount of the policy and the terms attached to it – as far as length of coverage, time period that the policyholder must wait before benefits are paid, and the definitions applied to disability – are all defined by the different policies that can be chosen. It is up to the business owner to choose the disability insurance policy most suited to their needs. It is not so much important what policy they chose as that they chose one at all. Business owners need to treat themselves the way that they would treat their employees.

Disability Insurance After a Car Accident, Part 1

Posted on: Monday, October 26th, 2009

Car accidents are certainly not expected events. We may head out in the morning as usual and everything will be going along smoothly until a mistake on the road – or something completely out of anyone’s control – causes a series of events could very well alter someone’s life.

Certainly no one anticipates such an event but as responsible people we prepare for the possibility of something like this happening – so that we are financially and physically protected. Car insurance is something that is required but law but it is also something that insulates us and our families from the financial ramifications of a vehicular accident, regardless of who is to blame.

But far too few of us take the next steps in protecting our families from the possibilities of long term consequences of a car accident. The fact of the matter is that over one-hundred people are killed each and every day on U.S. roadways; our busy lives and crowded highways have exacerbated an already significant problem.

The best that we can do in order to avoid injury or death in a vehicular accident of our own is to take control of our own driving and be on the defensive as much as possible against other drivers who could cause us harm. Observing the rules of the road is important in order to protect our own safety and the safety of other drivers. But there are other steps that we can take in order to protect ourselves financially if we do sustain injuries – including disability insurance.

Disability income insurance is a provision put into place for those who may find themselves out of work due to an illness or injury. Disability insurance plans are available to run the gamut of possibilities including a short term absence from work, a gap policy that covers a waiting period that may be built into company-sponsoreddisability insurance plans, or longer term policies that cover policyholders who are permanently disengaged from their jobs because of a sustained illness or injury.

Protect Your Future with Disability Insurance

Posted on: Thursday, October 22nd, 2009

Our paychecks are meant to do a lot of things for us. They of course are meant to pay our bills and household expenses. And, for the financially savvy among us, that paycheck should also be used to put a portion of money away for the future. Savings are very important if we are to be able to do what we need and want to do throughout our lifetime. What we have earned is meant to protect us now and in the future. But unexpected circumstances can often change our lives, and along with it, the financial cushion we have worked so hard to accumulate.

Those who are hurt or become ill and are not protected by a comprehensive disability insurance policy are vulnerable to losing everything they have and everything they have worked so hard for throughout their careers. Disability insurance is meant to give us an intermediary or replacement salary if we find that we are unable to return to our jobs due to illness or injury. But it is also a protective measure in safeguarding our financial nest egg – our savings accounts, our investments, even our homes.

If any of us were to become sick or injured and be unable to work, how long would we be able to keep our household afloat without our steady paycheck? For most of us the answer is not very long. And even if we were able to survive, at the end we may find that we are without all of the earnings that we worked so diligently to put away for our futures.

But with a disability income insurance plan in place we are protecting our families now; should we be out of work either temporarily or permanently, disability income insurance will help us meet our financial obligations. Additionally, disability insuranceallows us to protect our financial future by keeping our earnings intact.

Consider the Choice Between Short Term Disability and Long Term Disability Carefully

Posted on: Thursday, October 22nd, 2009

There are many times throughout our life when we will have to carefully weigh benefits with cost. Certainly – in all areas of life – we desire to have as much as we can at the least possible price. But getting to this “sweet spot” often requires finding a balance between what you need and what you can afford; and some sacrifices may often have to be made.

Sacrifices should not apply to insurance policies however, as these policies are meant to financially protect ourselves and our family in the event of a crisis. But budget still has to be considered. We make this choice every day; consider the health insurance policy choices we had when we started with a particular company. Perhaps we decided to forgo dental insurance or comprehensive vision in order to have a more comprehensive health insurance policy at a price we could afford. The same achievement of balance applies to disability insurance.

Many people may be tempted to just go with short term disability insurance in order to save on premiums. Of course, any disability insurance – short term or otherwise – is better than no disability insurance, but you must consider what you will get for your money and how it will impact your family if you become sick or are injured. When you are classified as disabled you are determined to be in a physical (or mental) condition that precludes you from continuing to work in your current position. This may be for a month or it may be for the lifetime of your viable employment years. If you should become disabled at a young age and find that you are hindered from returning to your job – or any comparable job – what would you do in terms of pay?Long term disability – even for the higher premium it may cost as opposed to short term disability insurance – can provide comprehensive protection.

Disability Insurance Following a Divorce

Posted on: Wednesday, October 7th, 2009

Divorce can have terrible ramifications for all those involved; anyone who has been through the process or watched someone they love go through the process can attest to the emotional carnage divorce can leave behind. Not only is there the nightmare of ending a relationship but there is the logistical concerns that must be addressed when a life lived as two becomes a life lived as one.

For women, this can often involve a complete transformation of their lifestyle. While they may have worked in or out of the home prior to the divorce, now they must often consider things that they once did not, including particular insurances. Many couples have life insurance to protect the interests of their children; and life insurance should surely continue to be held. But following a divorce, some women may want to increase the levels of their life insurance or change their benefactors; after all, she will not have a partner with which to combine policies.

Disability insurance is often carried by one person in a partnership – generally the person who makes the lion’s share of the income. Should their paycheck be lost due to an injury or illness preventing them from returning to work, the disability insurance would kick in and the family would be financially protected. Following a divorce, if a woman did not have a disability insurance policy prior, she must get one now. If you are solely responsible for your financial wellbeing you must be sure to protect yourself; disability insurance will offer protection should you become ill or injured and be unable to return to work. This disability insurance will protect you and will protect your children in the case of a loss of wage – either in the short term or permanently depending on the disability insurance policy that you choose.

Welcome to Physician DI Quote!

Posted on: Friday, October 2nd, 2009

Welcome to PhysicianDIQuote.com, a dedicated disability insurance resource for doctors and healthcare professionals.  We have a staff of experienced agents ready to answer your questions, and to provide you with free, custom-tailored disability insurance quotes from all leading providers. Physiciandiquote.com is an official affiliate of 4 Disability Insurance Quotes, and is licensed to sell disability insurance in all 50 states.

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Considering Long Term Disability Insurance?

Posted on: Thursday, October 1st, 2009

There are so many things that we have to consider as adults who are in charge of ourselves and sometimes a family, especially if we have children. Who knew there would be so much to think about and so much that we would have to prepare for in terms of the unexpected but still possible. Sure, going through the process of finding a life insurance policy is uncomfortable but we know that it is something that we have to do if we are going to do the right thing by our families. Disability insurance falls under this same umbrella. Is it uncomfortable to consider – as well as discuss and essentially plan for – a possible illness or injury that would render us unable to return to work? Of course! But it is what must be done if we are to ensure that our family is protected in this unlikely of circumstances.

If you are considering long term disability insurance you have taken at least the first step in making a solid choice for yourself and your family. The reality cannot be avoided; and that reality is that most of us are working diligently on a monthly basis to make our paychecks stretch as far as they can go. Without that paycheck, most of us would not be able to last even a month in our homes. Even if we could last a month, with a long term disability that stops us from returning to work we would have many months to consider after that.

The cost of a long term disability insurance policy may be what holds many people back from taking the plunge and getting the policy. But really we can’t afford not to have such a policy; especially when you consider what would happen to your home, your savings accounts, your investments, your retirement plans, your children’s education, and the future of your family without a long term disability insurancepolicy.