Are You Sufficiently Covered for a Disability?
By Enrev on Mar 25, 2009 in Health
Insuring all of your possessions is an excellent way to protect yourself from loss in your home and auto, but do you realize that long term disability insurance is just as important to your security? Think of everything that you could lose if an accident was to happen and you were deemed unable to work and perform your normal occupational duties. All of your current financial responsibilities must still be paid and if you have a loss of income for a significant period, you may find it difficult to maintain your payments to these obligations. Failure to add disability insurance for physician care and expenses to your existing policy may leave you strapped and possibly forced to file a medical bankruptcy.
While it may seem like an unnecessary expense for the added disability insurance coverage, it will save a lot of money and possible hardships when you do carry the correct amount of insurance protection and the unexpected happens. Statistics have been reported that 1 in every 10 people that are between age 25 and 64 may suffer some sort of disability that will not allow them to work as they had before the incident. You could likely be one of them and not know it or suspect it. That is why it is so beneficial to ensure that you are covered for such hardships before they occur.
On Apr 3, 2009, Isis Reis said:
That statistic of 1 in 10 people is really scary, but I am still unsure about the actual benefit of disability insurance – what if you never actually need it? Then you will have sunk a lot of money toward something that never benefited you past having peace of mind. While that may be worth it in and of itself, it still seems like a gamble.
On Apr 3, 2009, Antonio Jose said:
Disability insurance is an absolute must for today’s worker. The precarious state of the economy, social security, and government funding means you can’t rely on credit or federal assistance to help you stay afloat like you could in decades past.
On Apr 3, 2009, James Pereira said:
I had a friend who had to file medical bankruptcy, and the whole situation was just awful. The problem is you never think that a situation like this will happen to you, and when it does I think the lack of compassion from creditors, etc really shocks a lot of people.