Wednesday, May 20, 2015

Disability Insurance: You are Taking a Risk Without It

According to Daily Finance, around 100 million people in the world currently do not have disability insurance. These people might think it’s a coverage they can live without, and maybe they can for a while, but disability insurance is the kind of thing people don’t really miss until they need it.  

This is the insurance that will protect you in the event that you get seriously injured or even permanently disabled in a car or other type of accident. It will also protect you if you fall seriously ill. In these kinds of circumstances, you will likely be unable to work, perhaps even permanently, and you may also require long-term care. In either case, who would pay for your expenses in the event that the responsible party can’t or while you’re waiting for him to pay up? Chances are you wouldn’t be able to out of pocket, nor would you want your family to carry this burden. However, if you didn’t have disability insurance, that would be what would have to happen.
If you did have disability insurance, however, and something like this happened, you would be taken care of. Disability insurance policies offer up a monthly payment to those who suddenly find themselves unable to work and with expenses related to their disabilities. Since these policies are obviously quite beneficial, why don’t more people have them?
Well, as mentioned, some people just plain don’t think about them. They don’t think becoming disabled is something that could happen to them though it could happen to anyone, at any time. Also, disability insurance can be quite expensive, but there are ways to get the coverage you need for less.
To begin with, some level of disability coverage may be offered through your job. Check with the human resources department to see if coverage is available. Often, if you secure your policy through work, it will be at a reduced rate. You can also shop around to find the lowest-priced provider and/or the one who offers the most discounts that are applicable to you.
If there’s really no way for you to afford full-on disability coverage, talk to your car insurance provider about special add-on coverage options that can, at the very least, protect you from uninsured or underinsured drivers on the road. It’s a cheap alternative to disability insurance, and while it won’t protect you in all circumstances, it will protect you on the road at least.

Really, though, as soon as you can, you’ll want to get disability coverage, even if it means cutting back or sacrificing in other areas of your life. Without it, you’re taking a serious risk each and every day of your life. 

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