Disability Insurance in Palm Beach County
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Disability Insurance is a type of insurance policy that provides income when an insured person is unable to work or make money due to disability. The policy provider (the insurer) promises to pay back some amount to you (the insured).
The 2010 American census estimated that Palm Beach County has a population of nearly 100,000. Out of these, the U. S. Disability Statistics by County says that some 12.5% of the population is disabled. This shocking figure shows that you are at risk of getting disabled.
Despite the risk, most people have chosen to overlook disability coverage. Here’s why you might not want to fall into this trap.
Why Should I Get Disability Insurance?
Life is full of uncertainties. When the unexpected happens, life becomes challenging, especially if your means of livelihood is affected. An accident or illness may cause a sudden halt to your ability to continue working. Normal income flow may stifle, making it difficult or impossible to provide for yourself and your family.
If you work in an injury-prone environment, then getting a disability insurance plan should be top on your list of things to do. Even if your job offers you some safety, you may find out that signing up for disability insurance coverage is still the right thing to do.
You May Have a Predisposed Health Condition.
Some illnesses do not manifest until it gets to the almost incurable stage. Still, some forms of illnesses are genetically inherited. For instance, there may have been a history of disability in your family line. Perhaps one of your parents or grandparents has suffered a stroke in the past. Or someone had a history of any of the serious illnesses like heart problem, diabetes, cancer, or some other medical condition.
This shows that you may be at high risk of experiencing any of such illnesses. If this happens, you’ll need money to care for yourself and your family regularly. If you have a disability insurance policy, your financial needs are covered.
More People Are Becoming Disabled
Recently, the Council For Disability Awareness raised a growing concern. It predicted that every year, about 5.6% of working Americans would experience short-term disability within a six-month working period due to injury, pregnancy, or illness.
The same source also says that more than 1 out of 4 adults can expect to be out of work as a result of disability at least within a year before retirement age.
Consequences of Disability Are Alarming
This unexpected turn of events has plunged many into debt while some are bankrupt. A study was conducted in 2014 by the Northeastern University School of Law Research Paper. The result of the study shows that the major cause of consumer bankruptcy is due to medical bills (26%), loss of job (20%), and personal or family member illness (15%).
Unless you have the financial capability to sustain yourself when you’re disabled, you likely should get coverage.
Worker’s SSDI Benefits Are Not Enough
The Social Security Disability Insurance (SSDI) provides insurance benefits to eligible disabled workers across states in America. Often, the process of getting approved is complex. Some other challenges include delays in benefits and case reviews, the fact that insurance covers for work-related injuries or illnesses only, the fact that disability benefits can be taxed, and above all, the policy is for ‘short-term’ disability insurance only.
How Does Disability Insurance Work in Palm Beach County?
The Social Security Administration (SSA) offers two types of disability programs that allow disabled citizens of Palm Beach County to apply for the benefits.
The two types of disability programs available and their requirements are;
Social Security Disability Insurance (SSD or SSDI): This is for applicants that have worked and paid social security taxes only. Before you can be eligible to receive the benefits, it is required that you must have worked for about five years out of the ten before you become disabled. Dependent family members may also qualify for payment benefits.
Supplemental Security Income (SSI): This type of program is available only if you are at least 65 years old and unable to work due to disability.Eligibility is also based on financial need. You must not make more than a set amount of income each month to qualify.
The administration conducts strict medical reviews, work history, and examines relevant information about your disability before you can be eligible. Often, you may need to consult with one of the Social Security Disability Lawyers in Palm Beach to walk you through the processes.
Decide whether to buy your own plan or from your employer
Most people depend on Social Security disability programs. But SSA programs don’t offer much advantage. Eligibility processes and requirements are complex and they offer only short-term benefit durations.
Group policy through your employer might come cheap, but it can also limit you to only short-term benefits. You can buy disability insurance from policyholders that will address your specific needs.
Know the types of policies available and pick the right one before buying
Research and study available policies that will fit into both your health and financial situations. There are two major types of disability insurance policies: short-term and long-term disability policies. Speak with your financial advisor to learn more about these.
Find an insurance agent
An insurance agent will provide you with various options when choosing a policy provider with the right quote. You will save yourself the time and energy it takes to shop around. Either way, you may find it helpful to consider options when buying a quote.
How Gold Coast Life Insurance Can Help
Gold Coast Life Insurance will provide all that you need to know about disability insurance policies. We will have a transparent discussion with you in order to help you pick the right policy. We will customize your plan putting your financial and health status into consideration.
We are interested in securing your financial future. It doesn’t matter if you have a pre-existing health condition or if you are a high-risk client—we don’t discriminate. Get a free quote from usnow and enjoy the benefits of disability insurance coverage in Palm Beach County.
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