This coverage, as well as critical illness insurance provide greater benefits than people realize.
One of the most overlooked and misunderstood forms of coverage that is currently available in the industry is disability insurance.
The topic of being too sick or injured to work is an uncomfortable one for many people, and is one that they would prefer to pretend will not happen than to take the time to create a preparedness plan. However, all too many people are finding themselves in a situation where they could have used this protection, but they opted not to buy it.
Individuals in the 25 to 65 year old age group are four times to be disabled than to be killed.
Disability insurance is unlike life policies. Life coverage is designed to benefit your loved ones following your passing. On the other hand, disability is meant to provide you with a certain amount of money every month so that you will be able to continue paying your bills – such as your rent or mortgage payments, utilities, and even food – despite the fact that you are unable to work.
Though Social Security does have the SSDI program, it is known for being challenging to access.
The Social Security coverage can be difficult enough to obtain that many people often hire lawyers to assist them with gaining access to any funds at all. It isn’t unheard of for the claim process to take years before payouts will begin.
Why consumers might want to look at critical illness insurance plans…
Alternately, for individuals who find that disability coverage is too expensive to fit into their budgets, especially when it is not one of the benefits offered through their employers, some are choosing to purchase critical illness policies.
Though the protection is not as broad, it does act as a form of mini coverage that can offer the same type of payments, but for specific illnesses or accident circumstances, instead of the wider reach of disability insurance. Its more limited nature makes it an option that comes with a much lower cost, making it accessible to a larger number of people, especially at a time like this, when the economy is struggling, many people remain out of work, and employers are reducing the number of benefits that they are offering their workers in order to try to cut costs.