Disability Insurance - Everything You Should Know About Disability Insurance

If you're considering getting disability insurance, or just want to get more information, then you will want to read this article. In it, I will give you some shocking facts about the rise of disability, and offer you some different options for getting disability insurance. Use this information to decide if disability insurance is something you should take a serious look at.

Suffering a disability as traumatic enough. But when the disability stops you from being able to work, you also become stressed-out because you're not sure how you'll pay the bills. Maybe it's time to think about getting disability insurance.

Consider this -- in 1999 there was an increase in over 400% from 25 years previous, regarding disabilities for persons between the age of 17 and 44. Also, there is a 12% chance you will become disabled for five years before reaching the age of retirement. These facts were compiled by the disability management sourcebook.

Now, let's compare disability insurance to other insurances. Most people have homeowners insurance, but the odds that you'll actually use it are less than 2%. Everybody is required to carry auto insurance, but only 2.5% of the population will actually have to use it. Finally, compare that to long-term care insurance, where the chances are 40% that if you have a long-term care insurance, you will use it.

Finally, disabled people represent almost half of those in America who need long-term care services. With all these facts, it makes sense that you should at least consider the possibility of disability insurance.

Some employers offer short-term and long-term disability insurance. This is one route to take, to get disability insurance.

If you're evaluating a new job, consider if they offer disability insurance as a benefit. If so, get familiar with the coverage involved in their disability insurance plan.

Second, you could collect long-term disability for Social Security administration. This is for people who have a disability that stops them from working for at least 12 months. To apply for this, you need to fill out a disability claim, and send it into the Social Security administration's office.

Based on your information, they will evaluate your case and either approve or deny you. Your chances of approval depend upon your condition and your documentation you provide.

The last option is to take out an individual policy for disability insurance. While it is definitely not cheap, consider the practicality of this insurance compared to some of the insurances we discussed above. Shop around to see what different bills are available, and make sure you have an idea of what is covered in the policy, before you purchase it.

In conclusion, I have given you some information about what you need to know about disability insurance. Apply it to your situation today.