What is Disability Insurance?
Becoming disabled through an injury or sickness can mean a significant loss of income. Disability insurance is a form of health insurance that provides a person who becomes disabled with income to cover living expenses that continue in spite of the disability.Your income is your most valuable asset - it makes owning your home and valuables possible. Your income also determines your standard of living and provides for your long-term financial goals. Regretably, it's all at risk if you cannot work as the result of a disabling injury or accident.
Disability, could it happen to you?
Many of us don't want to think about struggling financially because we're unable to work. Yet it's a possibility, especially since disability is a common problem, and many people don't have adequate savings to support them for an extended period of time.The causes of disabilities are more common than you might think. According to a claims review conducted by the Council for Disability Awareness, common examples of long-term disabilities include:
- Neck and back pain; joint, muscle and tendon disorders;
foot, ankle and hand disorders
- Cancer, Heart and circulatory disorders; strokes
- Physical injuries
How would a disability impact your life?
The impact of disability isn't just physical. The consequences can have a profound
emotional and financial affect on you, your loved ones and your future.
- Could you afford to live without your income?
- How would you pay your mortgage, car payments, utilities, food and
other living expenses?
- How long would your savings last?
- What would happen to plans for the future, college funding, travel,
retirement and legacies?
Government programs and group plans
may leave you vulnerable
- Most disabilities are not work related, and therefore are not covered
by worker's compensation.
- The majority of initial Social Security disability claim applications are
denied. If claims are approved, the amount paid may be a fraction of
your income.
- Group Long Term Disability plans may not cover bonus or incentive
compensation, and these plans generally aren't portable if you leave your job.
- Premiums for typical company and association plans can be raised and
coverage can be cancelled, making these plans unreliable options.
Purchasing a Disability Insurance Policty can protect you and your family.
At Sky's The Limit Health Insurers, we work with several Insurance companies in Florida that specialize in Disibility Insurance. Carriers like Guardian, The Principal and Illinois Mutual to name a few.
To find out more information, fill out our no obligation disability quote form, and one of our friendly agents will contact you.