Robert D. Paulbeck, Attorney at Law
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Disability insurance a safety net for those unable to work

Social Security disability is a wonderful lifeline for those who are seriously impaired. But there is no doubt that Social Security payments are not that exciting. As of March 2013, the average disability payment was less than $1,130 per month. In addition, the approval process is lengthy, can be complicated, and only those who are prevented from working for at least one year are approved.

 

Because Social Security disability isn’t going to be enough for many families, it is important to look into disability insurance coverage. There are several options for coverage, including group disability plans, individual disability plans, and supplemental disability plans. Each of these types of coverage has its strengths and drawbacks. 

Group disability plans, usually offered through an employer, are very affordable, but benefits vary widely. Individual disability plans are usually more expensive, but offered the possibility of tailoring coverage as needed. Supplemental disability plans offer additional coverage to those already covered by another policy or by Social Security disability.

 

It is important to look at the particulars of coverage plans so that nothing comes as a surprise. In particular, it is important to understand whether the policy is non-cancelable and guaranteed renewal; any elimination and waiting periods; cost of living adjustments; whether there is retirement protection; and whether lifetime benefits are available.

 

While disability insurance will not give one the ability to live as comfortably as one could while working, it does provide great relief to those who are unable to work for periods of time.

 

Source: Source: USA Today, “Should you consider disability insurance?,” Jeff Reeves, May 7, 2013. 

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