Disability Insurance: Being Adequately Protected despite of Disability

It is not a good thing to become sick and unable to report for work for an extended period. Being sick and absent for a few days is bad enough, but being forced in bed for an indeterminate period because of disability can be quite a frustrating situation.

Aside from the boredom and pain of being unable to move around, what makes your situation more frustrating than ever is the fact that you are not being paid for the time you spent having to be forced in your bed. If you are the breadwinner of your family then it is not only devastating for you, but your family suffers severely, too.

Being disabled, becoming unable to move by yourself, wholly, becoming dependent on your family for the most basic tasks are already overwhelming concepts for you, let alone a contemplation of your future financial status.

Most importantly, if you have spent all your life saving adequately for your retirement, then the question dominant on your mind is how to continue your savings now that you need these most. Another is your nagging worry that since you cannot continue on working, then how could your retirement savings go on?

These questions and apprehensions could be easily answered and eased by having disability insurance. Many have their car, house and other important things insured, but only a few realize the significance of being insured against the days when lack of income from their jobs would occur.

Presently, 80% and more American workers do not have protection by having any kind of disability insurance. Meanwhile, according to latest survey on foreclosures, almost 50% are because of the homeowners’ loss of ability to work and earn income. Probing deeper on issue of being out of work, most of them suffered long-term medical issues causing their inability to work.

Many employees fall into the wrong assumption that when they become sick, the normal sick time benefits would be enough to cover their loss of income for a while.

However, once the sickness stretches to full weeks and even, months, that is when the problem starts. When they already run out of allowed sick time, even social security disability benefits cannot compensate for the lost wages. What’s more, not all is approved for social security disability claims as soon as possible. There are issues like eligibility that need to be hurdled until one gets to receive benefits.

Disability insurance is a very sure safety net for long-term illness that borders on partial or full disability. This is a type of insurance designed to replace some percentage of the income you lost after suffering from inability to work for an extended timeframe because of illness or disability.

If your employer offers some benefit packages and asks for your preferences, choosing disability, insurance benefits may be a very wise choice. It would be up to you whether to choose short term or long-term disability insurance.

Making sure that you have saved up for a rainy day beats being stuck without anything at all.