Disability Insurance & You

Have you thought about what you would do financially if you were were unable to work? If you were disabled short term or long term, where would the money come from? Disability insurance is one of the best lifetime investments you can make. Hopefully you will not have to use it, but you may need it.

It is important because anyone can have a devastating health challenge that could wipe them out physically and financially. Medical costs are one of the top reasons people end up in the poor house. Disability insurance payments allow you to have money for health needs as well as for everyday necessities. This is a very sensible thing to do.

Disability insurance is seldom talked about when it comes to insurance you need. Your house is insured. So is your car. So you should be insured, too. Life insurance is good, but pays off after you die.


Disability coverage is available as "own occupation" coverage. This type covers you for being unable to work at the occupation for which you have been explicitly educated, trained, and employed like doctor, lawyer, broadcast media, president, etc.
It is usually more expensive than basic generic coverage like Social Security, and pays more. The going rate is two-thirds of your salary.

If you pay for your own policy instead of allowing your employer to do so, your money is tax free. If you withdraw IRA monies early and provide proof of disability you are exempt from the penalty.


Protect yourself financially from medical disability and potential financial free fall. Disability insurance like health insurance protects your most important asset - YOU.

by J.L. Richardson, MD, family medicine physician and author of Patient Handbook to Medical Care: Your Personal Health Guide.

http://www.mypatienthandbook.com/
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