Disability Insurance In Florida

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?

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.

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.

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.