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According to the Council for Disability Awareness: A 30-year-old male employed in a job requiring physical labor faces very nearly a one-in-two chance of disability before reaching age 65. A 20-year-old female employed doing office work faces more than a one-in-five chance of disability before reaching 65.
When an individual is unable to work, disability insurance provides periodic payments.
Typically, disability insurance will replace 45 to 65% of an individual’s gross income when they are unable to work. Many consumers do not plan for the possibility that they will be faced with a debilitating accident or illness during their working years. A professional with a family should consider disability insurance a necessity to provide for family if they are unable to work in their occupation.
The most common causes of long-term disability are: muscle, bone, and joint conditions; cancers; injuries and poisonings; heart and blood vessel conditions; mental health disorders and nervous system disorders. If government or employee sponsored policies are not available, you can choose to pay for an individual disability plan.
When applying for disability insurance be prepared to provide the following:
• General information including name, address, sex, age, Social Security number, and citizenship status.
• Employment information which will allow the insurance agent to understand your occupation and work duties.
• Medical history information such as any illnesses, accidents, or treatments.
• Financial information is necessary for an individual disability income insurance application so that the insurance company understands the income that is to be insured.