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