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Archive for December, 2013

Biggest Disability Insurance Mistakes You Can Make

Deciding to buy a disability insurance policy is a smart move in the right direction. But the decision process doesn’t end right there. Understanding disability insurance is a confusing thing, and if you aren’t careful you could make mistakes in the buying process. Here are the two biggest mistakes people make when shopping for disability insurance, according to a disability lawyer.

Price vs. Provision

The disability lawyer wants everyone to understand the ‘Two P’s’ of the disability insurance policy. They are price and provision. Price is the amount of money you pay each month, or the premium. The provisions are the details of the policy that explain your benefits and requirements.

Which of the two P’s is the most important to look at when shopping for a policy? The disability lawyer says it is absolutely the provisions. Prices will generally be the same from agency to agency, but the provisions can change drastically. Make sure you are getting a policy that actually gives a solid return on investment.

Saying No

You have already made the smart decision of shopping for a disability insurance policy, so don’t back out now. The second biggest mistake you can make is deciding not to accept a policy because of exemptions.

A long term disability policy is not going to cover your pre-existing conditions – plain and simple. But, that does not mean you shouldn’t accept the policy offer. More than likely, you are getting a policy not for your current conditions, but for protection against future injuries and sicknesses. Remember this truth throughout your shopping process.

By avoiding these two mistakes you can enjoy a less stressful and more successful shopping experience.

Generation Y Ignoring Disability Insurance

A recent study on employee benefits conducted by MetLife revealed a rather shocking trend among Generation Y workers. Statistics show that only around 50% of these workers, ages 21-31, have some sort of disability insurance. This means nearly one-half of these people are financially unprotected against a debilitating injury or sickness. Why is this?

Forever Young

A possible answer is that these young people feel invincible against a debilitating sickness or injury. Pop culture has inundated the younger generation, or Generation Y, with the feeling that sickness and disability is something far off in the distance. Speak to a disability lawyer though, and they will tell you this is simply a myth. On any given day, a disability lawyer may meet with a dozen different people filing disability insurance claims. It would not be uncommon for half of those people to be in that 21-31 year old age group.

Life Happens Fast

As a disability lawyer will quickly tell anyone who listens, life comes at you fast. Disability insurance is something to think about as soon as you are responsible for supporting yourself and others with a full-time income. As Nicki Biamonte, a Financial Services Executive at MetLife, said, “A disability is not selective – it can happen to anyone, at any time. If you have people who depend on your income – or if you depend on your income – you need disability insurance.”

Speak with Your Employer

If you are one of those people without disability insurance speak with your employer about whether they offer coverage. Somewhere in the neighborhood of 70-75% of employers in the United States offer disability insurance plans. Taking advantage of these plans is a smart move for the future

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