Simple Disability Insurance Principles to Guide You Towards the Right Policy

All too often, Americans are injured and find themselves without a disability insurance policy to stabilize their finances until they can go back to work. Many see disability insurance as just another bill to pay without realizing how the benefits can help them should the worst happen.

Nowadays, many Americans get by paycheck to paycheck and cannot afford to be out of work due to a disability. How will they pay the bills and put food on the table? Some people won’t be as strapped as others if they cannot work, but no one wants their finances depleted, especially if it is avoidable.

“Even seemingly minor ailments such as broken bones and nagging medical conditions can lead to temporary or permanent disability. Any type of disability can have a disastrous effect on earnings, savings and lifestyle. So, to protect yourself, it’s imperative to understand the key features and value of a disability income insurance policy,” (The Disability Insurance Policy, Now in English: Investopedia, October 30, 2014).

“For those high earners that make six-figure salaries or more, like athletes or doctors, I always recommend the own-occupation rider,” explains Frank N. Darras, leading disability insurance lawyer in America. “The policy will let the pursuit of an alternate career while allowing you to collect disability benefits each month. People talented and trained in a specific field, should do everything they can to protect substantial income.”

Here are a few tips to consider:

• When it comes to disability insurance is that age doesn’t matter
• Adults of all ages need it to protect their incomes
• Those at the peak of their careers often have the most to lose
• Long-term disability coverage can make or break a retirement
• Disability insurance protects when a disability or illness prevents the breadwinner from working

“Depending solely on employer-based insurance fraught with few insurer remedies or worse, Social Security can cause many problems down the road. Be sure to talk with a trusted agent or a top insurance lawyer about disability insurance options. Getting the best advice for a specific situation will help creat the best own-occupation individual disability policy. This will help determine how much is needed and what riders may be important to add. Before signing anything, read through the policy to make sure everything is correct. Prevent application mishaps and policy misunderstandings in advance,” says Darras.