Planning for disability
is so important because a serious accident or illness can occur at any
age, and happens more frequently than most people realize. In fact, one
in five individuals will experience a disability, according to the U.S.
Census Bureau.
A study released by the census bureau reveals that more
than 152 million Americans between the ages of 21 and 64—prime working
years—have some form of disability.
The following statistics come from the Council for Disability Awareness' Personal Disability Quotient risk calculator:
- A typical health, non-smoking man or woman age 35 has more than a 20% chance of becoming disabled for three months or longer during a working career.
- There is a 38% chance a disability will last five years or longer.
- The average disability lasts 82 months.
- Less than 5% of disabling accidents are work-related. (which means the other 95% are not covered by worker's compensation)
Knowing this - how long could you afford to be without a paycheck? This is a bit like your mother telling you not to go outside in the snow without gloves when you were a kid. It is easy to think - "I don't need my gloves, mom - I will be FINE." Parents tell their children things to keep them safe or to teach them about life.
Good insurance agents do the same. Their job is to protect you and your family from the "big whammy." They do it by recommending things like disability or other supplemental because they know, it is possible one incident could negatively impact your life forever. Sure, it may not happen to you - but what if it does?
Again - how long can you afford to be without a paycheck - especially if you are adding medical bills on top of monthly living expenses.
Disability premiums are not the cheapest - so it will pay to do your homework and shop around. Visiting HBUS Inc online is a great place to start. We will assess your situation with you - taking the guesswork out of the equation.
Here are a few suggestions you should consider regarding disability insurance:
- Look for nan-cancelable coverage or at least "guaranteed renewable"
- Ask for quotes for different benefit periods - if you can afford a policy that will pay until age 65 buy it -but don't overlook shorter terms (2,3 or 5 years) if you can't afford longer benefit periods.
- Make sure your emergency funds will last long enough to cover the policies waiting period you select
- Pay attention to the definition of disability in the policy you are considering - some can be limiting. It is wise to consult with an insurance professional on this point.
- Integration with Social Security can save you premium dollars.
