Life and disability insurance companies penalize women with postpartum depression

pregnant mothers postpartum depression disability insurance

As mental illness gains more awareness and people seek diagnosis and treatment, drawbacks are appearing. This year kicked off with the recommendation from a government-appointed panel that all new moms and pregnant women receive depression screenings, and while this move toward mental health care improved, drawbacks are being experienced by life and disability insurance customers. The move to help women to obtain assistance for maternal mental illness is being applauded as a much-needed step. Public health advocates have been very pleased that pregnant women and new moms will be better…

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Top Tips on Getting the Perfect Income Protection Policy for You

What happens if you’re injured at work? You might not be able to pay your bills. While you could live off of your savings, that savings will only take you so far, and what if you don’t have any savings? This is where an income protection policy comes into play. Income protection policies, sometimes referred to as “disability policies,” pays you money when you are unable to work due to an illness or injury. Here’s how to compare policies so you get the most for your money: Analyse The Cost…

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The uncontrolled growth of disability insurance

Disability Insurance

An update from the Medicare and Social Security trustees has shown that the cost of disability insurance is skyrocketing. The annual report published by the Social Security and Medicare trustees has shown that yet again, among all of the partisan disagreements, a critically important issue has failed to receive its due attention: the rapidly increasing cost of disability insurance. This coverage accounts for almost one out of every five dollars that Social Security spends, and the numbers are rising to a point that is simply out of control. Many are…

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Liberty Mutual announces new disability insurance benefits to assist mid-sized businesses

Liberty Mutual Insurance has unveiled its new Benefits Select product line in an effort to better serve mid-sized businesses and the employee benefits consultants and brokers who work with them. The Benefits Select group disability product suite is designed to be a cost-effective way for these employers to be able to offer more attractive passengers to current and potential employees so that they will experience better retention while still keeping an eye on the bottom line. According to the chief operating officer at the group benefits unit of Liberty Mutual…

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The importance of understanding and obtaining disability insurance

Disability insurance is one of the most important decisions that you can make to help to protect your financial future and financial advisors, not just insurance agents, are recommending these products to their clients for just that reason. That said, the decision to obtain the insurance and the choice of insurer to provide it is up to you. There are many different issues to consider, from monthly premiums to the type of coverage that is provided. That said, you shouldn’t let a little bit of homework stop you from purchasing…

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The search for disability insurance

Group disability insurance is a form of protection for a group of people who are connected in some way – such as through an organization such as a trade association or employer – and covers the individuals from the losses to which they are exposed in the case of illness or an injury from an accident. Group disability insurance is typically less expensive than a policy purchased by an individual, though it should be noted that the benefits are limited to a maximum monthly income and a certain length of…

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Disability insurance becomes more complex and expensive

Employee disability benefits, as is the case with virtually every other kind of workplace benefit, has become an expense that workers are beginning to need to pay for and manage – at least to some degree – themselves. Now that the 2012 open enrollment season has begun, an increasing number of employers are requesting that workers take on some of the financial burden for some of the more high-end forms of disability protection. Mercer benefits consultant partner, Rich Fuerstenberg, said that he has been witnessing a gradual trend toward workers…

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The risk of neglecting to purchase disability insurance

Experts are advising individuals to consider disability insurance as they regularly see people without any or without enough coverage, but who could have benefitted from it to protect their financial lives. Though many large companies will offer short-term and long-term disability insurance, this is frequently not the case among small businesses or those who are self employed. Agents are advising many customers to consider the type of loss they would experience should they suffer an injury or catastrophic illness occur that would make it impossible to continue earning an income.…

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Social security’s disability program is almost broke

Aging baby boomers and unemployed workers have swamped the Social Security disability program with claims for benefits, which has sent the system – which was already facing a financial struggle – to the point of near insolvency. Since ten years ago, applications have increased by almost 50 percent, as individuals with disabilities are laid off and cannot find employment within an economy that has dropped almost 7 million jobs. The flood of benefits claims has created an increasing applicant backlog – many of whom must wait two years before their…

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Disability Insurance: U.S. workers underinsured

A recent survey performed by The Hartford insurance company showed that over 50 percent of US workers are without disability coverage and the percentage continues to climb.  The research suggested that only 44 percent of U.S. workers have a form of long-term disability coverage, while 49 percent have short-term disability coverage.  When compared to 2010 the percentage for long-term disability insurance dropped by 3 percent and short-term disability insurance fell by 6 percent.  Executive vice president, Ron Gendreau for the Group Benefits at The Hartford said that “We are concerned…

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