As much as you might initially think that your chances of getting disabled over the course of your entire life are little to none, the Council for Disability Awareness stated that at least one out of four people will have a disability they reach retirement age. Thus, your odds of becoming inflicted with a disability that can force you to take some time off of your work are greater than you may have realized. This is why you should get disability insurance. But if it’s your first time to hear about this type of insurance, you’ll also want to take note of the following considerations before purchasing it:
- You should identify first if your current work is risky enough to merit purchasing disability insurance.
Whether or not you’ll need disability insurance largely depends on the kind of occupation that you’re holding right now, and particularly how prone you may be to getting disabled as a result of something that happens while you’re on the job.
- Insurance providers assess which occupations are considered high-risk, as they usually only offer disability insurance to workers who truly need it.
- You might have to speak to more than one insurance agent so you can discuss with them the specifics of your job so both of you can work out if you need disability insurance or not.
- You’ll want to get yourself disability insurance while you’re still young and healthy.
You may be fit and healthy now, but there’s no telling at all whether you might run into an accident or get sick as a result of your job.
- Instead of forgoing disability insurance until when you’ve become disabled, you should do it while you still can.
- Besides, the insurance provider where you plan to purchase your disability insurance will ask about your medical and prescription history as well as make you take a medical exam, which you’ll then have to pass. Those are all part of your chosen insurance provider’s medical underwriting process for them to determine the amount of disability insurance coverage that they’re willing to give you.
- You’ll want to drop your disability insurance policy though once you reach the legal age of retirement.
Unfortunately, nothing lasts forever – your disability insurance included.
- Once you turn 65 years old, any accidents or illnesses that might lead to your disability wouldn’t be covered by your corresponding type of insurance anymore as you’re already of retirement age.
- You should, therefore, have your disability insurance canceled by the time you reach 65 and use your mandatory retirement benefits instead.
Nearly 70 percent of private sector workers don’t have disability insurance, and you might be one of them. As you might find yourself disabled whether on the job or due to a sudden illness, you’ll want to have any wages that you could lose reimbursed so you don’t end up penniless on top of your disability, and the right type of insurance can take care of that.
However, before jumping into getting yourself disability insurance, you should bear in mind the above-listed considerations first and seek counsel from a lawyer so that you can make a more informed decision once you head over to an insurance provider.