When it comes to protecting our future, financial security is one of the main aspects. One of the biggest threats to financial security is often a hidden risk, disability. The inability to work can strike anyone at anytime, which is why having disability insurance is so important.
Private disability insurance is one of the most ignored options among Americans today. While the Social Security Disability Insurance (SSDI) program is available to help people in their time of need, the truth is that it can’t help everyone and its own future is in jeopardy in the coming years.
The benefits of private disability insurance can be far reaching. Not only can it ensure you continue to receive financial assistance in the event of an accident or illness, but the coverage exclusions are generally less than government based assistance. With an average wait time of six or more months for SSDI benefits, private disability coverage can keep you out of financial trouble while you wait.
Although many people assume private disability insurance is expensive, it is actually quite affordable. If you work for a large employer that offers benefits, chances are you can obtain a policy for just a few dollars a month. Even paying out of pocket can often range anywhere between $50 and $100 a month, a small price to pay to reduce your risk of financial hardship if the unexpected happens.
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