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Understanding the importance of disability insurance

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While many people understand the importance of life insurance, not as many consider the benefits of a high quality disability insurance policy. Our California readers, among others, realize that they could become ill or injured in the future. If this happens, it is important to have the proper level of insurance in place.

Although many who find themselves in this position are able to collect Social Security disability insurance, there are eligibility requirements that can make the process extremely challenging. On top of this, the average monthly benefit paid out to disabled individuals is $1,150. For many, this is not enough money to get by.

With the ability to purchase disability insurance, it is easier for somebody who has become ill or injured to continue with their life as they know it.

Some companies provide long term and/or short term disability coverage. In this event, you must determine how much coverage is being provided to you. It may be possible to purchase supplemental coverage through your company's plan, which will give you access to the group rate.

When buying an individual policy, it is important to do so as soon as possible. Those who are young and healthy will pay less than those who are older and may be dealing with health concerns.

Disability insurance often takes a back seat to other types of coverage. Understanding the importance, including why you need coverage and how to deal with a claim or denial, is something that a growing number of people across the country are focusing their attention on.

Source: Minuteman News Center, "Why disability insurance is critical" Jason Alderman, Apr. 27, 2014

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