These are some of the best times to consider buying an individual disability insurance policy. Carriers are now more flexible about who can get coverage, and statistics show that more consumers are taking advantage of this. What about you? Have you considered adding disability insurance under your insurance umbrella?
Here are few reasons why more people are getting individual coverage for themselves:
- Increasing value to protect your income. Times are hard. Protecting your ability to earn is paramount. Keep in mind that one-third of those entering the workforce will suffer a disability before they retire.
- Increasing number of seniors in the workforce. Older people are at a higher risk of suffering from a disability, especially if the job involves manual labor.
- The recession. Group disability coverage offered by your employer is usually basic. With more employees cutting down on employee benefits, disability coverage from your employer may have gotten skimpier or even disappeared.
- Greater benefits with an individual policy. Anyone can get disability insurance even if you have a pre-existing health condition. You don’t have to go through a medical exam or provide a blood test.
- Portability. Workplace disability insurance may have limited features and is active only while you have your job. Individual disability insurance, on the other hand, makes sure you are never without disability coverage when you need it, even when you’re in between jobs.
- Tax benefits. Benefits received are completely tax free.
In spite of the advantages, there are still a few myths that keep people from buying disability insurance. Some people think that workers compensation will pay for a disability. But workers’ compensation kicks in only when an accident occurs on the job. About 90 percent of disabilities are not related to the workplace. In fact, most disabilities are due to an illness, not an accident. There is also a tendency to think that Social Security can cover your needs when a disability strikes, but that may not be the case. About 65 percent of applicants for Social Security disability benefits are initially denied.
Having your own coverage could mean financial survival for you and your family. You can receive the best disability coverage by shopping the top-rated insurance carriers. Get a free quote.