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Getting older is no excuse to neglect getting disability insurance

People are working into an older age these days. That awaited retirement at the age of 65 is now basically just a memory. Most can’t afford to stop working at that point. This recession-related reality brings to light a disability insurance matter: older workers need to protect their futures with disability insurance plans, too.

Maybe someone is in their fifties and starting a new job, for example. Companies often offer a benefit option of paying into a pot for disability insurance. (Not all will provide this.) Should the relatively older worker elect to pay into a disability insurance plan? Is it worth it?

Getting older can mean that a person is even more vulnerable to injury and illness, making getting disability insurance a wise step. The following are a few tips regarding this important financial matter:

  • Don’t rely on a built-up retirement fund to get you by as a reason to not have disability insurance. Those funds are for later to get you through your retirement with financial security.
  • In California, employers are required to provide workers short-term disability coverage. But long-term coverage is not required, so a worker should find out if such coverage options are available through his employer because plan policies can be a great deal.
  • If an employer doesn’t offer long-term disability coverage, a worker should look at private plans. In fact, a worker should look at private disability insurance plans overall. A plan through an employer is wonderful but won’t cover all of the percentage of the lost income should a non-work related accident or illness put a worker out of service. Private plans can help make up for the difference.

These are just a few general ideas that workers, young and old (or at least older), should keep in mind. Talking to a disability insurance attorney about this matter before, during and after choosing a plan is a wise move that can help ensure that what a worker needs is likely coming to him. Even after paying into a policy and sustaining an injury, a worker often runs into trouble claiming the benefits that they feel they are owed. Visit our denied benefit claims page to learn how we operate in a case like that.

Source: Townhall Finance, “Do You Need Disability Insurance Past Age 50?” Carrie Schwab Pomerantz, Nov. 13, 2012

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