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All you want to know about disability insurance

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All you want to know about disability insurance

All you want to know about disability insurance

However, according to a study on the real risk involved in disability which was sponsored by the Life and Health Insurance Foundation for Education, the percent of a worker in the white collar job and in the age brackets of 35 and 65 years becoming disabled for over 90 days is within 27 to 31 percent. An alarming figure indeed.

However, this figure of the duration of disability has seen a steady rise in the past few decades. People, who were in the age of 35 years in the 1970s and 80s when disabled, were out of work for an average period of four years, whereas today this figure has gone up to six years. The reason cited for this increase in duration is the availability of better medical care that makes a terminal illness patient live longer than before.

It must be noted that it is the well-considered policy which should be the prime concern for an individual for a good disability plan. It is imperative that everybody gets the maximum benefits within their budget. The liability of a young person of age 20 years is quite large compared to a 55 year old person.

There are certain criteria that need to be considered to find a quality and low-cost health insurance for a person which meets their specific needs. And to figure this out takes some time. The first criterion that one should take into consideration is the amount that they require to lead their lifestyle. This requires consideration of different expenses that are associated with the disability.

The second important consideration is to find the income one would get from different sources in addition to their private health insurance plan. Among the different sources are employer's group plan benefits, all the personal savings and benefits from government sources like social security disability insurance, if any.

It must be noted that those earning a six-figure income in no way should go for a group long term plan. In spite of the plan being cheap, one does not expect to get as much as their pre-disability income to meet their present lifestyle. Also to be noted is that in most of the plans, the standard rate of income replacement is sixty percent.

One of the best sources to find one's disability insurance plan is the AHIP's Guide to Individual Disability. The guide is a treasure trove of information on the different types of policies that are available as well as the numerous choices present within each of the policies. A questionnaire also exists for the reader that could be used to ask to some good agent as the reader looks for good disability insurance. The subject being not a favourable topic for many, disability is often taken as an injury. However, in 89.5 percent of claim, it is illness and not injury that is the real cause.

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