When you think of disability insurance, you may automatically think about the benefits some receive through the Social Security program.
This is run through the government. Everyone pays in, and someone who becomes disabled can then receive money each month. This program has saved many families from financial ruin, but the amount you can receive each month is not a lot. Families need more protection. Did you know there are other policies you can buy on your own in the event you are in a terrible accident or if you or someone in your family gets cancer?
There are a few ways that you can get disability insurance other than the federal program. In some cases, employers may offer this as a benefit of your employment. You can also get it on your own. This is considered a supplemental insurance that may go above and beyond what you would get otherwise. Your health insurance will not help with your living expenses but this type of insurance will. The average payout for the federal program hovers around a thousand dollars a month, which is not much. Also, it can take up to a year to two to get federal benefits while additional, private insurance kicks in much more quickly.
You can get personal disability insurance, but you can also look into things like cancer insurance. This is supplemental insurance that helps with your medical bills and expenses related to running your home in the event you get cancer. Like disability insurance, this is not something that can take the place of your traditional medical benefits you may get through your employer or that you may buy on your own. These are strictly secondary policies that help you when you need it so that you do not go broke when things go wrong.
When considering extra insurance, there are a few things to think about. You want to make sure you can afford what you need. Disability insurance can cost a lot more than something like insurance for cancer. The difference is that disability will kick in for anything that makes it impossible for you to work. Cancer supplemental will only work for you if you get cancer. Some people will get both if they can afford it along with adding a rider onto the cancer policy for any incident (accident or any illness) if you end up in the intensive care unit – this rider is referred to as the ICU rider. If you get traditional insurance through your employer, spending a little on supplemental on your own is a wise and affordable idea that will help protect your financial well-being.
If you choose disability, keep a few things in mind. For one, there are often two choices. You can get insurance that kicks in if you are hurt doing your own occupation, or you can get one for any occupation. You will save money if you use the ‘your own’ occupation choice. If you are lawyer, doctor, or in another high pressure job, this is something you may already have, but you do not have to be to in one of those professions get this type of insurance. In fact, there are few working people that would not benefit from either disability or cancer insurance. Policies are out there in a range of different prices.
About The Author: Loreen Worden has been a licensed insurance agent for over 25 years and finds supplemental health insurance one of the best values within a person’s financial portfolio. Due to a personal experience, a close family member was diagnosed with cancer, she has since full-heartedly promoted this type of protection. Seeing first hand what traditional health insurance does not cover has made her a huge advocate of low cost cancer insurance. For more information or an online quote, please visit: www.cancerinsuranceinfo.com
