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Disability Insurance In Florida

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The annual statistics of people with disabilities in Florida can be alarming. According to statistics from the CDC, there are about 23.5% disabled persons in Florida. Without disability insurance, this large number of people is likely to add up beneath the poverty line.

Just what is disability insurance? Disability insurance is a type of insurance policy that caters for your financial needs when you can no longer perform the usual task as a worker or make money as a result of disability. In other words, it pays part of your income if you can’t work due to illness or injury.

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Why Should You Purchase Personal Disability Insurance?

Consider disability insurance as an investment with long-term benefit. Working without disability insurance means living on the edge for you and your dependent family. You risk letting all that you’ve worked for – your home and business – be affected by an unforseen disability. Here’s why you should consider getting coverage with a disability insurance policy.

Prepare for unexpected financial setbacks

Many people assume that things like cars or houses are their biggest financial assets. But that is not necessarily true.  Any material thing you have depends on your continuing to work to keep up with the bills. You need money to maintain your car, your business, and your home. Also, your family may look to you for financial support. But what happens if, you are suddenly unable to work?

The usual steady income will stop and what’s left in your savings may not last as long as you would like. And when there is no plan-B, things begin to fall apart. This messy situation has plunged some into debt and emotional distress such as desperation and depression. Disability insurance will help cover you for the unexpected.

As you can see, your biggest financial asset is you and your ability to continue providing for yourself and your family!

Disability Rate Is on the Rise

If you are in your 20s, the Council for Disability Awareness disclosed that your chances of becoming disabled before retirement is 1 in 4. Close to this, WebMD says that the odds are 1 in 3. Either way, the odds are against you.

While many attribute accident to be the major cause of disability, studies show that different forms of illnesses such as diabetes, cancer, heart attack, arthritis, depression, etc., contribute to about 90 percent of disability. These are the type of illnesses that are very common in our society.

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The Cost of Disability is Greater Than Insurance

By now, you probably see reasons to consider getting a disability insurance policy. You might have thought: “But it’s expensive” or “It’s not worth it”. Now here’s what you probably should know – getting yourself protected now is way cheaper than getting it later. Generally, disability insurance fee gets high as you grow older. This is because your health declines as you age and you are more likely to get ill or disabled at later stages of your life. So, in other words, the healthier you are, the cheaper your policy will be.

The earlier, the better. In the long run, you will save yourself significant money if you decide to get a disability insurance policy as soon as possible.

How Does Disability Insurance Work in Florida?

In 1935, the U.S. federal government established the Social Security Administration (SSA) agency. The agency will provide support for disabled persons under the SSA disability program. The program has progressed ever since with new programs been added while amending the existing ones.

Over the years, historical changes were made such as the increase in disability benefits of the 1970s, the amendment of the SSA Act in the 1980s, and the welfare reforms that revised a lot of the programs.

More changes will likely occur in the future depending on the economic and cultural situation of the United States. To qualify, applicants must pass the rigorous eligibility criteria to benefit from SSA disability insurance program.

While the SSA is a federal government program, each state in America has rules and regulations for the program. For example, while few states require an employer to provide disability insurance, Florida employers are not mandated to do so. Only for a group disability policy would the state specifically make a request.

Also, the state of Florida does not make provision for short-term insurers, only long-term or permanent disability programs are available. Residents can purchase private policies from disability insurance companies to benefit from the short-term plan. Therefore, examine these laws while considering getting disability insurance in Florida.

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What Should I Look for When Buying Disability Insurance in Florida?

If you are considering getting disability insurance in Florida, then we’ve got some helpful tips that will guide you to shop for the right policy.

Do some research yourself

It is important to have some background knowledge about disability insurance before getting it. Thanks to the internet, you can do so from the comfort of your home. Doing some personal background research will familiarize you to these kind of policies. The Wall Street Journal suggests sites like Disability Insurance Resource Center and Disability Insurance Quotes to provide you with reliable information.

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Know your needs

Even after doing some personal research, it’s a good idea to discuss this with an experienced insurance representative. He or she will help you select the right quote out of the multiple quotes based on your occupation and risk factor. This will help you to avoid paying for unnecessary premiums. Additionally, you can check your ‘Personal Disability Quotient’ to get an insight into the possibility of you needing disability insurance.

Know your average income

Since you are buying coverage that will replace your lost income should you become ill or unable to work and earn, you’ll need to consider the three components that make up a policy. The three components include: the policy design, the underwriting, and the carrier. Essentially, your income value will determine the best policy for you.

Consider buying up to 60% of your existing pay

In the event of an illness or injury that renders you disabled, look for a policy that starts payout after three or six months until you are 65. You’d get an approximate value of payout if you buy at 60% of your existing pay after taxes.

Compare while you shop

Speaking with different insurance consultants offers you multiple choices. You can find the most experienced consultant that will design a customized policy and at the best rate.

How Gold Coast Life Insurance Can Help

At Gold Coast Life Insurance, we will not only provide you with a customized disability insurance policy that best fits your needs, we will also walk you through all the processes you need to know and relieve you of the stress involved with getting disability insurance in Florida. Are you planning on purchasing a policy soon but are not sure which coverage will suit your existing income? Gold Coast Life Insurance is here for you.

We are here to make sure that your financial future is secure. Whether you are high-risk or you have pre-existing conditions, we don’t discriminate. Take advantage of our free quote and experience the long-term benefit of your biggest asset.

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