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Private Disability Insurance
Posted in: Social Security Disability on March 21st, 2012

disability insuranceIt is no secret that Social Security programs are already overburdened and the fate of existence for programs like Medicare are up in the air. With more Americans out of work and without insurance coverage, more people are turning to Social Security Disability for help.  Although less popular, private disability insurance programs may have something to offer.

Pros

One of the biggest benefits to private disability insurance is the control over the policy and coverage terms. Many of these policies are customizable and can contain as much or as little coverage as the applicant desires. This makes private disability insurance affordable for many who may not have previously thought they could obtain coverage.

Another perk of private disability insurance is that it is much easier to apply for and secure.  SSDI can be quite difficult to obtain and, often, private insurance is obtainable for just about anyone and covers a wider array of illnesses. Because private disability insurance is purchased prior to the onset of an illness or condition, it is rare for anyone to be denied benefits once an illness begins.

Cons

Although private insurance is affordable, it certainly isn’t within everyone’s reach. Families who are already experiencing a financial hardship will find that paying for insurance they have yet to receive benefits for is an unnecessary expense. Private disability insurance is a “just in case” situation, which means that a person may pay for the insurance for years before ever needing it.

 

 

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