Don’t Be So Quick to Dismiss Disability Insurance

Don't Be So Quick to Dismiss Disability InsuranceThere are a multitude of people that think disability insurance is a waste of money and unnecessary expense.

Those people are foolishly wrong. A disability can happen at any time without any warning, and without preparation – it can leave you in a very uncomfortable position. A disability could prevent you from being able to work or provide for your families. Although, with a personal disability insurance plan, a monthly income provided by the provider can help keep the household afloat.

There are certain types of disability insurance policies out there and they cover a wide array of issues. Individual disability insurance is the most common and most used by people who are employed by employers that do not provide benefits or self-employed individuals who desire disability coverage. High-limit disability insurance is designed to insure that the beneficiary’s income benefits are at sixty-five percent of their income regardless of their income level. Key-person disability insurance provides benefits to protect a company from any financial hardship that may result from the loss of a key employee due to some sort of disability. Business overhead expense disability insurance provides reimbursement to a business for overhead expenses should the owner suffer an accident resulting in a disability. National social insurance programs are insurance programs provided by the national government of a country to all citizens. This has come to be the single most important form of disability insurance provided. Employer-supplied disability insurance is a type of insurance that is provided by an employer to any employee that suffers an injury resulting in a disability from an on-the-job accident.

There are certain things that disability insurance does do, but there are also some common misconceptions about disability insurance that are worth noting. Disability insurance coverage does not replace your entire paycheck. Most policies will only cover around fifty to seventy percent of your salary. It also does not pay benefits under any and every circumstances. Policies include a specific definition of “disabled” which each person may meet in order to qualify for benefit payments for their policy. Although, there are certain things that disability insurance will cover after your accident. A disability insurance policy covers the most vital and valuable asset: the ability to earn an income. Most policies let you tailor the cost and terms of your policy to fit your budget and needs. By allowing you to choose how long you’ll wait after becoming disabled, you determine how fast your payments will begin and how long they will last.

If you think about it, everything you have today depends on your ability to earn an income. Having disability insurance can provide you and your family with a sense of security of knowing that money will still be there. If the unexpected should happen, you can breathe easily by knowing that you’re still able to receive a monthly income for your expenses. Your income is your most important asset. Don’t let an injury debilitating injury prevent you from being able to provide for your family.

A Little Knowledge Is a Dangerous Thing

A Little Knowledge Is a Dangerous ThingDo you have a little knowledge about Disability Insurance? Well, rest assure, you need more than a little knowledge about this topic. It is something you need to think about and discuss with someone who will guide you in making the right choices.

Disability insurance is something everyone needs. It is an important way to safeguard at least part of your income if you become unable to work, so do you really need it? Yes! Do not write it off as an expense you can do without until you ask yourself a few questions.

  1. If you had an unexpected surgery could you pay the mortgage while recovering?
  2. Do you have a medical condition that may worsen over the years that might keep you from working? For example; arthritis.
  3. Are you the sole wage earner in your household?
  4. Is your savings account adequate to replace your salary over the next year if you stopped working tomorrow?
  5. Will you qualify for disability benefits through Social Security? If you do qualify will it be enough to cover your responsibilities?
  6. Will you have any credit card bills that have to be paid? If you do, are you going to be able to avoid credit card collection calls for non-payment while you adjust to a new disability? No one likes to be unable to pay their bill and have collect agencies calling them. It is embarrassing. Plus late charges are very costly. Late charges alone can wreck you budget.

These questions are just a few things you need to think about. Better yet why don’t you give SMA Services, Inc. a call and discuss with one of their Reps what type of Disability Insurance you need? You are all familiar with the famous saying, “A little knowledge is a dangerous thing.” If you have a little knowledge about Disability Insurance and make a decision on your own it could be a dangerous thing. SMA Services, Inc. can help you decide if you need short-term Disability Insurance or long-term Disability Insurance.

Hopefully you will never have to use your Disability Insurance but if you have the insurance you’ll have peace of mind knowing you can replace at least a portion of your income if the need ever arises. It is worth your peace of mind even if you just miss one day of work.

While you are discussing your need for Disability Insurance don’t forget that you need to have Disability Insurance for your spouse. SMA Services, Inc. can help you with this too. If mom is out of commission due to an accident or illness child care will be of up most importance. Disability Insurance would help cover those costs. You have done all you can to ensure mom is home with the children. We realize you want the children’s lives to continue to be as normal as possible while their mom recoups.