Disability insurance is often a forgotten portion of a financial strategy in a growing family. Oftentimes people think that a disabling injury or health issue will never happen to them during the crucial wage earning years. Therefore, adding disability insurance to your plan for long term security is a critical layer of protection which can help in the event of a huge financial burden caused by medical costs from a disability.
There are different types of disability insurance that there is definitely choice of packages and products that will be perfect for your family’s needs. Long term disability, short-term disability.
Usually people rely on the government for disability coverage. However, from Personal experience, The Social Security Administration usually takes 30-90 days however, only 36% of claims are usually approved the first time. if your claim is denied; then you are looking to at least another 6 months or so to complete the appeal process, sometimes, your case might end up in a hearing before Federal Court Judge to decide on it, and before you know it, it is almost 18-24 months before you get anything. Mean while, you risk your homestead stability, stress over piling bills and you might even jeopardize your credit while waiting.
Disability Insurance is an important coverage for all families but specifically crucial for the ones with only one bread winner.
It is best to think of Disability Coverage is a pay check protection. One should ask, “What happens if I would fall sick or slip and fall and can’t walk for 12 weeks? Will I still be able to survive and continue to meet financial obligations out of my savings? What happens to my housing arrangements? Will I have enough money to feed my family? What happens to my credit score if I fall behind in payments?”
Many employees are covered with some type of State or Social Security disability insurance and that is for a permanent injury or illness only. The problem with that is on average only 36% of the applications are approved. It usually requires 2-3 applications, even the help of an attorney to get the Social Security Administration to acknowledge and/or believe the case. Even the California state’s short term disability insurance will not cover your all your expenses, only about half of it.
Meanwhile, one should ask “How long can I survive without a pay check?” If it is not as long as you would be comfortable with, then talk to us and allow us to guide you.
At Peace & Grace Insurance in Atwater, Ca. we work with many different companies so we’re able to customize a plan perfect for you and your family. Give us a call or contact us below and we’ll work with you one on one to set up the perfect plan for your financial needs.