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Disability insurance myths that can sink you

When it comes time to purchase any type of disability insurance, individual or group, it is imperative that you separate fact from fiction. Those who believe the many myths circulating the industry could soon find themselves with the wrong coverage or worse yet, none at all.

According to Forbes, citing a report compiled by the Consumer Federation of America and Unum, there are many myths associated with disability insurance. Some of those that consumers need to be aware of include the following:

— You probably won’t need disability insurance. This is a common belief, however, the Social Security Administration has said that roughly 25 percent of 20-year-olds will be unable to work due to a disability before reaching 67 years old.

— Men need disability insurance, not women. This is untrue, as Unum said that 60 percent of long term disability recipients between the years of 2009 and 2012 were women.

— Disability insurance is only for the older population. The report also noted that 33 percent of recipients who received disability payments between 2009 and 2012 were younger than 40. Additionally, 41 percent were under the age of 50.

These are the types of disability insurance myths that make many people believe they never need to consider buying a policy. By deciphering the truth from the myths, it is easier to determine when to buy and how much coverage is necessary.

If a person has disability insurance, they should be able to receive benefits if they become disabled. There are times when an insurance company fights against this, which can lead to the insured escalating the situation to a lawsuit.

Source: Forbes, “5 Myths About Disability Insurance” Oct. 13, 2014

DarrasLaw is Americas' most honored and decorated disability litigation firm in the country. Mr. Darras has seen more, evaluated more, litigated more, and resolved more individual and group long term disability and long-term care cases than any other lawyer in the United States.

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