Why You Should Be Skeptical
The Internet is full of quick online quotes opportunities. Before you buy insurance, it is essential that you take time to make sure the coverage you buy fits your financial situation. Each person's disability is different from the next and the same holds true for disability insurance. Taking an instant quote at face value is equivalent to paying your rent with a payday loan. It just doesn't work the way it sounds at first. You end up paying 4 or 5 times what it should be, further behind than ever, with little or nothing to show for it. If you are shopping for disability insurance, there are several factors you must take into consideration before you start paying premiums.
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What Is Disability Insurance?
Disability insurance endows with disability benefits. Disability benefits are different from Workman's Compensation and Social Security Disability Insurance (SSDI). Since 95% of disabling injuries and accidents happen outside of work, you cannot count on Workman's Compensation to carry you and your family through the financial difficulties. Also, even if you qualify for SSDI benefits, it can take two years or more before checks start to arrive, and they only average $1065 a month, which is not enough for most families. Private disability insurance, whether through an employer's benefits package or bought through a private agent, provides 40-60% of your regular income, up to $60,000 a year, while you are disabled.
Why Worry About Becoming Disabled?
It can result in an instant. One minute, you're driving to work the way you would be any other day. The next minute, you're being rushed to the hospital after being broadsided by an unobservant driver. Illness can strike just as surely, with equally disastrous results. Surprisingly, according to the American Safety Council, one in four Americans will experience some degree of disability long before reaching the retirement age. Becoming disabled means that you cannot work and do not receive a paycheck. If you are part of the 67% of Americans who live paycheck-to-paycheck, this can spell financial disaster. In 2007 alone, 62% of all personal bankruptcies were directly related to medical problems. Something as straightforward as a sprained ankle can clear your retirement savings, without proper coverage.
So What's Wrong With Quick Quotes?
Quick disability quotes are often the result of generalized statistical information that applies to no one in particular. While these quick quotes may be mathematically correct from an actuarial point of view, it cannot take into account all of the variables that apply to you and your family. It takes the expertise of a trained disability insurance professional to custom design a strategy that works for you and your family. Rather than using statistical averages, your specific disability insurance quote should factor in issues such as your career, whether or not you own a business, and your current and estimated future expenses. Personalized disability policies also take into account the costs of being disabled.
The Costs of Being Disabled
Becoming disabled is not just a matter of losing an income, which is severe enough alone. When a person becomes disabled, through illness or injury, there are new medical expenses, physical therapy, difficulties with everyday tasks, and an added burden on family and friends. Your disability insurance benefits can help offset these strains on you and your family by providing a financial safety net, custom fit to your situation.
Your Family Deserves To Be Protected
Your family counts you to provide for them. Being unable to work, whether through injury or illness, can compromise your ability to provide that support. You can create a safety net against impairment by building up a financial nest egg equal to 3 to 6 months of your income. Make sure you understand all of the details regarding your policy. Only through a personalized disability insurance policy you can be assured, knowing that your family is protected in case you are unable to earn a living. Disability quick quotes cannot provide the unique policy that you and your family need and deserve.
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