What You Need To Know When Buying Long Term Disability Insurance
What You Need To Know When Buying Long Term Disability Insurance
What you need to know when buying long-term disability insurance;
Know The Facts About Long Term Disability Insurance
The United States Social Security Administration reports that over 1 in 4 of today’s 20 year-olds will become disabled before reaching age 67.
Sadly, 67% of the United States private sector workforce has no long-term disability insurance.
Often people will forgo purchasing a disability insurance policy because they think that Social Security Disability Income will provide for them.
Realistically, Social Security Disability will not fill in large financial gaps and it is much more difficult to qualify for S.S.D.I. than a private disability policy.
You do not want to take the gamble that you will not need Disability Insurance.
To find out how much Disability Insurance you may need the Council For Disability Awareness offers a Personal Disability Quotient to calculate your financial needs.
Here is the link to the Disability Awareness PDQ Calculator.
A good guide to how much Disability Insurance is to purchase a policy that covers 60% of your gross income.
Usually, a Long Term Disability Insurance Policy begins to make your monthly payments three to six months after you are disabled. Most disability policies continue until the age of 65, your health improves to prior condition or you pass.
If you need to find a Disability Insurance Agent then Disability Insurance Services may be a good place to start.
Here is the link to Disability Insurance Services.
Receiving advise, information from a reputable insurance agent is terrific but you should also do your own research.
Once you decide on how much disability insurance you need, there are additional factors to know:
- You disability insurer should have a strong rating
- You should only consider insurance companies that have a rating of A++
- You want to be sure the holder of your policy has sufficient financial strength
Research The Type Of Long Term Disability Insurance Policy That Fits Your Needs
There are different types of disability insurance policies.
You need to be aware if your disability insurance policy contains:
- Work limitation
- Days before payout
- If you need to apply for S.S.D.I. once your policy is active
Compare Long Term Disability Insurance Policies
Whenever you are purchasing a sufficient item it is important that you receive quotes.
Compare the different long-term disability insurance policies to find the best policy for your needs.
Get A Second Pair Of Eyes To Review The Disability Insurance Policy
Before you sign a long disability insurance policy you should have a third party insurance expert review the policy.
Everyone thinks disability, long-term illness will not happen to them. However, the odds of becoming disability for over 90 days are not in your favor.
It is not wise to gamble with your financial future.
I hope you have found What You Need To Know When Buying Long Term Disability Insurance useful.
You may also find this disability information helpful:
You can find additional shortcuts to living with a chronic illness at HypoGal Blog.
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Resources:
https://www.ssa.gov/news/press/factsheets/basicfact-alt.pdf
http://www.clark.com/new-advice-buying-disability-insurance
