You never thought it would befall you, but it did. You have been so careful, but you are not exempted. You were caught off-guard when you least expected it. And when it happens, you are left thinking “Why me?”
Sadly, nobody is spared from disability. It may come in different forms. It could be caused by an illness, due to an accident or an ailment that developed eventually. It might be momentary or could be forever. You may be a young and vibrant account manager or a seasoned and accomplished business executive, yet no matter how old you are or how long you have been in your job, you are not off the hook. Hence, disability can take away everything you have worked hard for just like that.
You begin to think about your family who are depending on you. You mull over all your financial obligations. You gasp with horror at the thought that you will never be able to work again. How can life go on for you?
Good thing you have a choice to do something about it now. If you are setting up a reliable financial plan be sure to include a disability insurance.
What can disability insurance do for me?
It is wise to mention about disability insurance when you talk with your financial planner or advisor. In case an unfortunate event happens to you, a disability plan can be your safety net. It will protect you from a devastating financial collapse in the event that you will not be able to work anymore.
If you have an illness that would require continuing medication and therapy like cancer, having a disability plan will help you from draining out your savings from all the hospitalizations and treatments you have to undergo.
This is especially significant for professionals who earn a considerable amount of income and with special training and experience. Having a disability insurance included in the financial planning will sustain them in their daily expenses and other things, in spite of being unable to work due to their disability.
Basically, having disability insurance to back you up could really save you from going bankrupt and will help provide for the needs of your love ones.
Choosing the right disability plan
If you are employed, you may feel limited with the coverage your employer provides, as some employers would cover 40% of all workers with company-paid group disability insurance. Meanwhile there are also additional plans and individual policies which generally cover up to 65% of your salary.
A good coverage depends on how you choose your disability plan well. As disability insurance replaces a portion of your lost income lest your disability becomes long-term, it is calculated on your gross annual income. It is also important that you first understand the definition of disability in the policy you are looking at as they vary from one another.
So before you relax with the disability policy you have from your company, you must clearly understand the limitations it may contain. Do not be restricted by sticking to this plan only. You may opt to buy an individual plan that works well for you.
Remember, a sound financial plan must include an appropriate disability policy for you. My Disability Plans will enlighten you about usual questions related to disability insurances and will help you decide the suitable policy for you. An insurance that doesn’t forced but custom-built just for you and your needs.
Having a reliable insurance means quality investment. Let not the inability to return to your previous job take away the vigor in your living—secure it with disability insurance today.
Mitchell has been involved in the insurance industry since 2004 and is the President of MyDisabilityPlans.com and MyLTCPlans.com, subsidiaries of Secura Consultants. Mitchell is responsible for the development and expansion of the online retail disability and long term care insurance business, building client relationships, disability plan design development and implementation.