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Archive for November, 2014

Dangerous Disability Insurance Myths

choosing bankruptcyAs a healthy member of the workforce, it can be difficult to picture a time where you aren’t able to work. Whether it’s a result of a workplace injury, illness, or accident away from the job, there are a number of possible instances that could leave you unable to work and incapable of financially supporting your family. With that being said, there are some myths that are continually perpetuated regarding disability insurance, and you can’t afford to listen to them.

  • I never get hurt or sick. You are not invincible and certainly not above getting hurt or sick. According to the Healthy Industry Association of America, you are 3.5 times more likely to be unable to work as a result of injury or illness than you are to die during your career. In fact, within the last 10 minutes, nearly 400 Americans have become disabled.
  • The government has me covered. Counting on the government to take care of you doesn’t always work out. Workers’ compensation doesn’t cover illness, and the majority of individuals are turned down for Social Security on the first try. When it is paid, Social Security payments average just over $1,000 per month.
  • I can dip into my savings. This is possibly the most dangerous myth of all. While you may have some savings in your account, the majority of Americans cannot last more than one or two months without their paychecks. The average injury takes between three and twelve months to recover from.

Regardless of how healthy you are now, it’s important to consult with a disability lawyer and listen to the facts and consider purchasing disability insurance today.

Why You Need Disability Insurance

disabilityAccidents happen, in the workplace and outside of it, and sometimes those mishaps can have major consequences. If you are unable to work and make money because of an injury, you need to have injury insurance. Many companies provide disability insurance and will cover employees for any injuries sustained on the job. This is especially important for high risk jobs, like construction or law enforcement. What happens, though, if you are injured outside of the workplace?

Fortunately, there are state plans to protect you from danger, and in many cases, your employers will pay for these state plans, as well. Before counting yourself as safe, do some research into your specific situation. There are usually options to buy extra coverage, and extra disability insurance is often worth the cost.

According to some experts, you should have enough disability insurance to cover 60-75 percent of your income. That way, if you are out of work for an extended period of time, you will be able to live at close to your normal lifestyle and budget. Many employers offer their employees disability insurance that may cover just up to 60 percent of their income, but rarely any more. The extra 15 percent can be easily purchased, however, during open enrollment. Open enrollment is the period of every year in which Americans can change their Medicare or other insurance plans. For 2015, open enrollment will be from November 2014 to February 2015.

However, before making any permanent changes to your plan, make sure you can afford it. If your current income comfortably takes care of all your bills, you might consider buying more insurance. If you are struggling month to month, however, you may need to hold steady until your finances take a turn for the better.

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